Greenwave to Withdraw Registration Statement on Form S-3
August 25 2022 - 7:11AM
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.
About Greenwave 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/.
Forward-looking StatementsThis 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, 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 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.
Contact
Info:757-966-1432Info@Greenwavetechnologysolutions.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/60eb2caa-0b01-4dda-9277-7881a41d3200
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