Company has improved its balance sheet by $27 million over the past 90 days
Chairman and CEO has converted all $17.22 million of his debt into equity
Company bolsters balance sheet with $5.25 million capital infusion
CHESAPEAKE, Va., April 23, 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, announced today that on April 22, 2024, it further strengthened its balance sheet by approximately $12 million.
Greenwave Recent Highlights:
- Improved balance sheet by approximately $27 million over the past 90 days
- Chairman and CEO exchanged approximately $17 million of debt into equity
- Intends to utilize additional cash flow to aggressively grow operations
- Anticipates starting operations for its second shredder in May
- Plans to expand its wholly-owned technology platform, ScrapApp.com, into new markets and continue AI development
- Plans to enhance margins of its Downstream Processing System with implementation of new Copper Extraction Technology
- Expects to regain full compliance with all Nasdaq listing standards by the end of May
- Seeks to accelerate efforts in social media, digital marketing and data analytics
- On track to generate record revenues with record volume of steel processed in 2024
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 22, 2024, April 2, 2024, and March 18, 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
