Final Conversion of $18
Million in Convertible Debt Occurred Today
Greenwave Eliminated an Additional
$17.2 Million in Debt Held by
Chairman
Company Now Has No Convertible Debt or
Preferred Shares Outstanding
Greenwave Bolsters Balance Sheet with
$21.8 Million in Cash
CHESAPEAKE, Va., May 22, 2024
/PRNewswire/ -- Greenwave Technology Solutions, Inc. ("Greenwave"
or the "Company") (Nasdaq: GWAV), an operator of metal recycling
facilities in Virginia,
North Carolina, and Ohio, today announced that it has retired all
of its convertible debt and preferred shares. Since the beginning
of 2024, Greenwave has eliminated $35.2
million in debt, including $17.2
million of debt held by the Company's Chairman and CEO.
With a significantly strengthened balance sheet, the Company
intends to expand its operations in the coming weeks. Greenwave
expects to generate approximately $40
million in revenue in 2024, driven by processing volumes of
steel and copper.
About Greenwave
Greenwave Technology Solutions, Inc., through its wholly owned
subsidiary, Empire Services, Inc.
("Empire"), is an 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).
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. 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