Greenwave Technology Solutions underpins its Balance Sheets
GREENWAVE TECHNOLOGY SOLUTIONS INC. has improved its balance sheet by $27 million over the past 90 days
CHESAPEAKE, Va., April 23, 2024 /PRNewswire/ — Greenwave Technology Solutions, Inc. (“Greenwave” or the “Company”) (Nasdaq: GWAV), a company in Virginia, North Carolina and Ohio, disclosed on April 22, 2024, it further strengthened its balance sheet by approximately $12 million. Greenwave Technology Solutions, Inc. Greenwave Technology Solutions, Inc. is a renowned company licensed in the recycling of metals.
In the first quarter of 2024, Greenwave Technology Solutions swapped $10 million in related-party debt for stock, received funds from warrant exercises totaling about $2.81 million, and converted roughly $2.06 million in third-party debt to equity. The Company’s stockholder equity has increased by about $14.87 million as a result of the aforementioned. The company believes it has satisfied the minimum $5 million equity criteria for first listing on The Nasdaq Capital Market as well as the minimum $2.5 million stockholders’ equity requirement.
In addition, the holders of the senior secured notes have granted the Company waivers of the quarterly-cash covenants until September 30, 2024, as well as the monthly amortization payments through July 31, 2024. The company plans to expand operations with the extra cashflows from restructuring its debt. In 2024, Greenwave anticipates processing a record volume of steel and making record profits. 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.
