Greenwave Technology Solutions' Exchanges All Outstanding Notes Held by its Chief Executive Officer into Equity

Rhea-AI Summary

Greenwave Technology Solutions, Inc. reports that its CEO exchanged $17.22 million in debt into equity, with $10 million exchanged for Series D Preferred Stock and $7.22 million for common stock. This move aims to strengthen the company's balance sheet and align the CEO's interests with shareholders, reflecting confidence in the business and growth strategy.

Positive

• CEO's exchange of debt into equity strengthens Greenwave's balance sheet

• Alignment of CEO's interests with shareholders through debt-to-equity exchange

• Reflects confidence in the company's business and growth strategy

Negative

• None.

Greenwave CEO Exchanges $7.22 Million in Debt into Common Shares at $0.1167/Share

Additionally, Company CEO Exchanges $10 Million in Debt into Shares of Series D Preferred

CHESAPEAKE, Va., May 7, 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, is pleased to report its Chairman and Chief Executive Officer, has exchanged an aggregate of approximately $17.22 million in debt into equity comprised of (i) $10.00 million in debt exchanged for shares of Series D Preferred Stock and (ii) $7.22 million in debt exchanged into common stock at $0.1167 per share.

"Over the past several weeks, we have significantly strengthened Greenwave's balance sheet and positioned the Company for the next phase of its growth," stated Greenwave CEO Danny Meeks. "I believe exchanging my debt into equity further aligns me with all shareholders and reflects the confidence I have in our business and growth strategy."

For more information, please see the Company's Current Reports on Form 8-K filed with the U.S. Securities and Exchange Commission on April 2, 2024 and April 22, 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

FAQ

What did Greenwave's CEO exchange in the press release?

Greenwave's CEO exchanged $17.22 million in debt into equity, with $10 million for Series D Preferred Stock and $7.22 million for common stock.

What was the price per share for common stock exchange in the press release?

The price per share for common stock exchange was $0.1167.

When did the CEO exchange debt into equity according to the press release?

The CEO exchanged debt into equity as per the press release on May 7, 2024.

Where can more information be found about the debt-to-equity exchange mentioned in the press release?

More information can be found in the Company's Current Reports on Form 8-K filed with the U.S. Securities and Exchange Commission on April 2, 2024 and April 22, 2024.