In a study of protein folding, a scientist uses the Wald test to evaluate the null hypothesis $H_0: \theta = 0.5$ against $H_a: \theta \neq 0.5$. The researcher calculates the MLE $\hat{\theta} = 0.58$ with a standard error $SE = 0.04$. If the Wald statistic is $W = \frac{(\hat{\theta} - \theta_0)^2}{SE^2}$, what is the value of $W$ and what can be concluded regarding the null hypothesis at $\alpha = 0.05$ (critical value $1.96^2 \approx 3.84$)?