Company Believes it Has Regained Compliance
with Nasdaq's Shareholder Equity Requirement
CHESAPEAKE, Va., April 1,
2024 /PRNewswire/ -- Greenwave Technology
Solutions, Inc. ("Greenwave" or the "Company") (Nasdaq: GWAV), a
leading operator of metal recycling facilities in Virginia, North
Carolina, and Ohio, today
announced that during the first quarter of 2024, it received
proceeds from warrant exercises of approximately $2.81 million, converted approximately
$2.06 million of third party debt to
equity, and exchanged $10 million of
related-party debt into equity. As a result of the
foregoing, the Company has increased its shareholder's equity by
approximately $14.87
million.
The Company believes it has regained
compliance with the minimum $2.5 million stockholders'
equity requirement and satisfies the minimum $5 million equity requirement for initial
listing on The Nasdaq Capital Market.
Further, the Company has secured waivers from its senior
secured note holders of the quarterly-cash covenants until
September 30, 2024, as well as
monthly amortization payments until July 31,
2024. The Company expects to utilize the
additional cashflows from restructuring its debt to grow its
operations.
Greenwave believes it is on track to generate record
revenues with record volume of steel processed in 2024. For more
information, please see the Company's Current Report on Form 8-K
filed with the U.S. Securities and Exchange Commission on
April 1, 2024.
About Greenwave
Greenwave Technology Solutions, Inc.,
through its wholly owned subsidiary Empire Services,
Inc.("Empire"), is a leading operator of 13 metal recycling
facilities in Virginia, North Carolina, and Ohio. The Company's recycling facilities
collect, classify, and process raw scrap metal (ferrous and
nonferrous) and implement several unique technologies to increase
metal processing volumes and operating efficiencies, including
a downstream recovery system and cloud-based ERP system.
Steel is one of the world's most recycled products with the
ability to be re-melted and re-cast numerous times. Recycling steel
provides key environmental benefits over virgin metals, including
reduced energy use, lower CO2 emissions, lower waste, and
conserving natural resources. Greenwave's customers include large
corporations, industrial manufacturers, retail customers, and
government organizations. The Company plans to aggressively expand
its footprint of locations by acquiring independent, profitable
scrap yards in the coming months. For more information, please
visit www.GWAV.com.
Forward-looking Statements
This press release contains certain forward-looking statements
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These include, without
limitation, statements about its revenue growth, opening of
additional locations, margin expansion and cashflow projections.
These statements are identified by the use of the words "could,"
"believe," "anticipate," "intend," "estimate," "expect," "may,"
"continue," "predict," "potential," "project" and similar
expressions that are intended to identify forward-looking
statements. All forward-looking statements speak only as of the
date of this press release. You should not place undue reliance on
these forward-looking statements. Although the Company believes
that its plans, objectives, expectations and intentions reflected
in or suggested by the forward-looking statements are reasonable,
the Company can give no assurance that these plans, objectives,
expectations or intentions will be achieved. Forward-looking
statements involve significant risks and uncertainties (some of
which are beyond the Company's control), assumptions and other
factors that could cause actual results to differ materially from
historical experience and present expectations or projections.
Actual results may differ materially from those in the
forward-looking statements and the trading price for the Company's
common stock may fluctuate significantly. Forward-looking
statements also are affected by the risk factors described in the
Company's filings with the SEC. Except as required by law, the
Company undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events.
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SOURCE Greenwave Technology Solutions