Of the songs in the 6-track digital EP, three feature guest artists, while the rest are solo material. "Spotlight (Oh Nostalgia)" was first heard on the internet on 29 November 2010, along with "Spotlight (New Regrets)". Stump had a poll asking voters which version they would prefer to see on Soul Punk, his upcoming album, which was closed in February 2011 and the results hidden. Although "Spotlight (Oh Nostalgia)" was ahead in the poll before it was hidden, Stump decided to put "Spotlight (Oh Nostalgia)" on Truant Wave, claiming that the votes were too close and that he felt as if "Oh Nostalgia basically needed its own record", building Truant Wave around it. "As Long As I Know I'm Getting Paid" and "Love, Selfish Love", two tracks included on the EP, were both played at Stump's performance at South by Southwest (SXSW) in 2010 and as acoustic versions at Stump's live Rolling Stone performance. On Twitter, he mentioned that the songs he had debuted at South by Southwest in 2010 would not be on Soul Punk, but would still receive a "proper release", which is now known to be Truant Wave.