Common stock will begin trading on reverse
split-adjusted basis on June 3,
2024
CHESAPEAKE, Va., May 29, 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 intends to
effect a reverse stock split of its common stock, par value
$0.001 per share (the "Common Stock")
at a ratio of 1 post-reverse split share for every 150 pre-reverse
split shares. The reverse stock split will become effective at
5:00 p.m. Eastern Standard Time on
Friday, May 31, 2024. The Common Stock will continue to be
traded on The Nasdaq Capital Market under the symbol GWAV and will
begin trading on a reverse split-adjusted basis when the market
opens on Monday, June 3, 2024. The
new CUSIP number of the Common Stock following the reverse stock
split will be 57630J 403. The reverse stock split is intended to
increase the per-share trading price of the Common Stock to enable
the Company to regain compliance with the minimum bid price
requirement for continued listing on The Nasdaq Capital Market.
At the effective time of the reverse stock split, every 150
shares of the Company's issued and outstanding Common Stock will be
converted automatically into one issued and outstanding share of
Common Stock without any change in the par value per share.
Stockholders holding their shares electronically in book-entry form
are not required to take any action to receive post-reverse split
shares. Stockholders owning shares through a bank, broker, or other
nominee will have their positions automatically adjusted to reflect
the reverse stock split, subject to brokers' particular processes,
and will not be required to take any action in connection with the
reverse stock split. For those stockholders holding physical stock
certificates, the Company's transfer agent, Equity Stock Transfer,
will send instructions for exchanging those certificates for shares
held electronically in book-entry form or for new certificates, in
either case representing the post-reverse split number of
shares.
The reverse stock split will affect all stockholders uniformly
and will not alter any stockholder's percentage interest in the
Company's equity, except to the extent that the reverse stock split
would result in a stockholder owning a fractional share. No
fractional shares will be issued in connection with the reverse
stock split. Any fractional interest in Common Stock will be
rounded up to the nearest whole share of Common Stock.
The reverse stock split will reduce the
number of shares of Common Stock outstanding from 1,132,490,847
shares, the number of shares outstanding on May 31, 2024, to approximately 7,549,939 shares,
subject to adjustment for fractional shares. Proportional
adjustments will be made to the number of shares of Common Stock
issuable upon exercise or conversion of the Company's options and
warrants, as well as the applicable exercise price.
About Greenwave
Greenwave Technology Solutions, Inc., through its wholly owned
subsidiary Empire Services, Inc., 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) 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. The Company'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