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Greenwave Technology Solutions, Inc. - GWAV STOCK NEWS

Welcome to our dedicated page for Greenwave Technology Solutions news (Ticker: GWAV), a resource for investors and traders seeking the latest updates and insights on Greenwave Technology Solutions stock.

Greenwave Technology Solutions, Inc. (Nasdaq: GWAV) is a leading operator of metal recycling facilities located in Virginia, North Carolina, and Ohio. Through its wholly-owned subsidiary, Empire Services, Inc., Greenwave manages 13 metal recycling facilities that specialize in collecting, classifying, and processing raw scrap metal, including both ferrous and nonferrous varieties. The company engages in converting scrap into valuable resources like steel, aluminum, copper, nickel, and more, catering to a broad customer base comprising large corporations, industrial manufacturers, retail customers, and government organizations.

Greenwave employs advanced technologies to maximize efficiency and processing capabilities. Notably, the company utilizes a downstream recovery system and a cloud-based ERP system to streamline operations and boost output. These innovations have enabled Greenwave to achieve higher processing volumes and operational efficiencies.

Recently, Greenwave announced the connection of its second automotive shredder to the power grid, a move expected to double its annual shredded ferrous output and increase revenue by approximately 25-30%. This expansion aligns with Greenwave's hub-and-spoke strategy, positioning the company as an attractive target for major scrap metal conglomerates.

The company's financial health has improved significantly, with recent moves including the conversion of substantial debt to equity and securing waivers from senior secured note holders. These actions have bolstered Greenwave's balance sheet, setting the stage for future growth and expansion. In May 2024, the company announced a reverse stock split to regain compliance with Nasdaq listing requirements.

Greenwave is committed to environmental sustainability, emphasizing the recycling of steel, one of the world's most recycled materials. This practice reduces energy consumption, lowers CO2 emissions, minimizes waste, and conserves natural resources. The company’s goal is to further expand by acquiring independent, profitable scrap yards and increasing its footprint in the metal recycling industry.

For more detailed information about Greenwave Technology Solutions, Inc. and its latest developments, please visit www.GWAV.com.

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Greenwave Technology Solutions has completed a recapitalization, significantly improving its balance sheet by $80.5 million since February. The company has attracted $45.3 million in new capital since March and now holds a cash balance exceeding $26 million. This positions Greenwave with its strongest cash position ever, fully funding its business plan with no need for additional capital.

Greenwave is on track to surpass $40 million in revenue in 2024, driven by increased processing of steel and copper. Key strategic initiatives include initiating operations of a second shredder, expanding its ScrapApp.com platform, enhancing copper extraction technology, and exploring acquisitions and partnerships. The company is now compliant with all Nasdaq listing requirements.

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Greenwave Technology Solutions (Nasdaq: GWAV), a company operating metal recycling facilities in Virginia, North Carolina, and Ohio, announced on June 18, 2024, that it has regained full compliance with Nasdaq listing standards. The announcement follows a formal notice from Nasdaq on June 17, 2024, confirming the company's eligibility for continued listing on the Nasdaq Capital Market. The previously announced listing issue has now been resolved.

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Greenwave Technology Solutions (Nasdaq: GWAV) reported record revenues from its downstream processing system in May 2024. This surge was driven by increased volume and higher prices, particularly in the copper market. The record-breaking copper prices are attributed to growing demand from electric vehicles and AI technologies. Greenwave has invested over $500,000 in an Orbcon PTV balling mill at its Kelford, NC facility to optimize copper extraction. The company is confident in surpassing its $40 million revenue guidance for 2024, owing to high steel and copper processing volumes.

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Greenwave Technology Solutions, operator of metal recycling facilities in Virginia, North Carolina, and Ohio, announced a reverse stock split at a 1-for-150 ratio. Effective May 31, 2024, the split is intended to regain Nasdaq compliance by boosting the per-share trading price. Post-split trading begins June 3, 2024, under the symbol GWAV with a new CUSIP number 57630J 403. The move reduces outstanding shares from 1,132,490,847 to approximately 7,549,939 and affects all shareholders uniformly without altering their equity percentage, with fractional shares rounded up.

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Greenwave Technology Solutions announced the elimination of all its convertible debt and preferred shares, totaling $35.2 million, including $17.2 million held by the Chairman and CEO. The company now holds $21.8 million in cash on its balance sheet. This financial move strengthens Greenwave's position and allows for expansion plans. The company anticipates generating approximately $40 million in revenue for 2024 through increased processing volumes of steel and copper.

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Greenwave Technology Solutions, Inc. expects to process record volumes of steel and copper with revenues exceeding $40 million in 2024. Growth is being driven by its Cleveland, OH and Virginia Beach, VA locations, with the Company anticipating positive cashflows and EBITDA once its second American Pulverizer 60x85 Shredder commences operations. Greenwave CEO Danny Meeks believes the investments made in infrastructure will lead to significant growth in copper and steel processing capacity, creating value for shareholders.

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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.

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Greenwave Technology Solutions, Inc. has significantly improved its balance sheet by $27 million in the past 90 days, with the Chairman and CEO converting $17.22 million of debt into equity. The company also received a $5.25 million capital infusion, further strengthening its financial position. Greenwave plans to aggressively grow operations, expand its technology platform, and enhance margins, aiming to achieve full compliance with Nasdaq listing standards by May. The company is set to generate record revenues in 2024, with a focus on steel processing and new market expansion.
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Greenwave Technology Solutions, Inc. (GWAV) has received a 180-day extension from Nasdaq to regain compliance with the $1.00 minimum bid price requirement. The company has already met the market value of listed securities requirement but must comply with the bid price rule by September 30, 2024, to avoid delisting. Greenwave anticipates achieving record revenues and steel processing volume in 2024.
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Greenwave Technology Solutions, Inc. announces regaining compliance with Nasdaq's shareholder equity requirement by increasing shareholder's equity by approximately $14.87 million through warrant exercises and debt conversions. The company secured waivers for cash covenants and amortization payments, aiming to grow operations and generate record revenues in 2024.
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FAQ

What is the current stock price of Greenwave Technology Solutions (GWAV)?

The current stock price of Greenwave Technology Solutions (GWAV) is $0.5802 as of December 23, 2024.

What is the market cap of Greenwave Technology Solutions (GWAV)?

The market cap of Greenwave Technology Solutions (GWAV) is approximately 12.8M.

What does Greenwave Technology Solutions, Inc. do?

Greenwave operates 13 metal recycling facilities that collect, classify, and process both ferrous and nonferrous scrap metal in Virginia, North Carolina, and Ohio.

What recent achievements has Greenwave Technology Solutions made?

Greenwave connected its second automotive shredder to the power grid, which will double its annual shredded ferrous output.

How has Greenwave strengthened its financial condition?

The company has converted substantial debt to equity, increased shareholder equity by $14.87 million, and retired all its convertible debt and preferred shares.

What are the environmental benefits of Greenwave's operations?

Recycling steel reduces energy use, lowers CO2 emissions, minimizes waste, and conserves natural resources.

What technologies does Greenwave use to enhance its operations?

Greenwave employs a downstream recovery system and a cloud-based ERP system to increase metal processing volumes and operational efficiencies.

Who are Greenwave's customers?

Greenwave’s customers include large corporations, industrial manufacturers, retail customers, and government organizations.

What is Greenwave's strategy for future growth?

Greenwave aims to expand by acquiring independent, profitable scrap yards and increasing its footprint in the metal recycling industry.

How does Greenwave's recent stock split affect current shareholders?

Every 150 shares of issued and outstanding Common Stock will be converted into one share, and no fractional shares will be issued.

What is the significance of Greenwave's downstream processing system?

The downstream processing system enables Greenwave to recover valuable metals from shred residue, significantly boosting revenues.

How has Greenwave improved its shareholder value?

Greenwave has significantly strengthened its balance sheet, invested in infrastructure, and increased processing capacity, all contributing to enhanced shareholder value.

Greenwave Technology Solutions, Inc.

Nasdaq:GWAV

GWAV Rankings

GWAV Stock Data

12.78M
16.72M
12.87%
8.77%
3.36%
Waste Management
Wholesale-metals Service Centers & Offices
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