Greenwave to Withdraw Registration Statement on Form S-3
Simultaneous with its NASDAQ listing on July 22, 2022, all of the Company’s convertible debt converted into shares of common stock at a conversion price of $6.02 per share
August 25, 2022
Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (NASDAQ: GWAV), a leading operator of 11 metal recycling facilities in Virginia and North Carolina, today announced that it plans to withdraw its Registration Statement on Form S-3.
Simultaneous with the listing of the Company’s common stock on Nasdaq on July 22, 2022, the Company’s senior secured convertible notes in the principal amount of $37,714,966 together with accrued interest in the amount of $1,470,884 was converted into shares of common stock at a conversion price of $6.02 per share. The Company has no convertible debt outstanding and all of the price protection provisions in the Company’s warrants and preferred shares expired upon uplisting to Nasdaq.
“We are committed to minimizing the dilution to Greenwave’s shareholders as we continue our expansion and potentially acquire profitable companies,” stated Danny Meeks, Chief Executive Officer of Greenwave. “We know the past few weeks have been frustrating for Greenwave’s shareholders and we are incredibly grateful for your continued support. Fundamentally, the Company has the strongest balance sheet in its history and we believe the infrastructure improvements set to come online over the coming months will help us grow our revenues and profit margins significantly. We look forward to reporting back on our progress.”
Greenwave generated record revenues of $10.70 million during the quarter ending June 30, 2022, an increase of 56% from the $6.88 million in revenue Empire Services, Inc. (“Empire”) generated in the same period in 2021. Further, the Company generated positive cashflows from operating activities of $566,238 for the six months ending June 30, 2022.
The Company is currently installing a second shredder at its Carrollton yard to process cars, household appliances and industrial products, along with a downstream system at its Kelford yard to increase its recovery yields of copper, aluminum, brass, steel, stainless steel, and other metals. The shredder and downstream system are on track to come online in the coming months and are expected to double the Company’s processing capacity, significantly growing its revenues while increasing its profit margins.
Greenwave Technology Solutions, Inc., through its wholly owned subsidiary Empire Services, Inc. (“Empire”), is a leading operator of 11 metal recycling facilities in Virginia and North Carolina. At these facilities, Empire collects, classifies, and processes raw scrap metal (ferrous and nonferrous) for recycling. Steel is one of the world’s most recycled products with the ability to be re-melted and recast numerous times while offering significant economic and environmental benefits when compared with virgin materials. For more information, please visit https://www.greenwavetechnologysolutions.com/.
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 revenue growth, opening of additional locations, and a listing on a senior exchange. 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 we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we 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 our control) and assumptions 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 our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in our filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake 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.