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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): May 29, 2024
Greenwave
Technology Solutions, Inc.
(Exact
name of registrant as specified in its charter)
| Delaware |
|
001-41452 |
|
46-2612944 |
(State
or other Jurisdiction
of
Incorporation) |
|
(Commission
File
No.) |
|
(IRS
Employer
Identification
No.) |
4016
Raintree Road, Suite 300
Chesapeake,
VA 23321
(Address
of principal executive offices and zip code)
(800)
490 5020
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
| ☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
| Common
Stock, $0.001 par value |
|
GWAV |
|
NASDAQ
Capital Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item
5.03 |
Amendments
to Articles of Incorporation or Bylaws; Change in Fiscal Year |
On
May 29, 2024, Greenwave Technology Solutions, Inc. (the “Company”) filed a Certificate of Amendment (the “Certificate
of Amendment”) to the Company’s Second Amended and Restated Certificate of Incorporation to effect a reverse stock split
of its issued common stock, par value $0.001 per share (“Common Stock”), in the ratio of 1-for-150 (the “Reverse Stock
Split”), which was effective at 11:59 p.m. eastern on May 31, 2024. The Common Stock will begin trading on a split-adjusted basis
at the market open on Monday, June 3, 2024.
The
Reverse Stock Split and the form of Certificate of Amendment were previously approved by the Company’s Board of Directors and the
Company’s stockholders. The new CUSIP number for the Common Stock following the Reverse Stock Split is 57630J 403. No fractional
shares will be issued as a result of the Reverse Stock Split. Instead, any fractional shares that would have resulted from the Reverse
Stock Split will be rounded up to the next whole number. The Reverse Stock Split affects all stockholders uniformly and will not alter
any stockholder’s percentage interest in the Company’s outstanding Common Stock, except for adjustments that may result from
the treatment of fractional shares. The number of authorized shares of Common Stock of the Company and number of authorized, issued,
and outstanding shares of the preferred stock of the Company were not changed.
The
above description of the Certificate of Amendment does not purport to be complete and is qualified in its entirety by reference to the
full text of the Certificate of Amendment, which is filed as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated by reference
herein.
On
May 29, 2024, the Company issued a press release announcing the Reverse Stock Split. A copy of the press release is furnished herewith
as Exhibit 99.1 to the Current Report on Form 8-K.
| Item
9.01. |
Financial
Statements and Exhibits |
(d)
Exhibits.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date:
June 3, 2024
| |
GREENWAVE TECHNOLOGY SOLUTIONS, INC. |
| |
|
|
| |
By: |
/s/
Danny Meeks |
| |
Name:
|
Danny
Meeks |
| |
Title:
|
Chief
Executive Officer |
Exhibit
3.1
CERTIFICATE
OF AMENDMENT
TO
THE
SECOND AMENDED AND RESTATED
CERTIFICATE
OF INCORPORATION
OF
GREENWAVE
TECHNOLOGY SOLUTIONS, INC.
Greenwave
Technology Solutions, Inc. (the “Corporation”), a corporation organized and existing under and by virtue of
the General Corporation Law of the State of Delaware (the “DGCL”), does hereby certify:
FIRST.
The Second Amended and Restated Certificate of Incorporation of the Corporation is hereby amended by changing Article Fourth, so that,
as amended, the following shall be added as Section 4.1(d):
“(b)
Reverse Stock Split. Effective at 11:59 p.m., Eastern Time, on May 31, 2024 (the “Reverse Split Effective Time”),
every one hundred fifty (150) shares of Common Stock issued and outstanding or held by the Corporation as treasury shares as of the Reverse
Split Effective Time shall automatically, and without action on the part of the stockholders, be combined, reclassified and changed into
one (1) validly issued, fully paid and non-assessable share of Common Stock, without effecting a change to the par value per share of
Common Stock, subject to the treatment of fractional interests as described below (the “Reverse Split”). No fractional
shares shall be issued in connection with the exchange. In lieu thereof, any person who holds a fraction of one (1) share of Common Stock
after the exchange shall have their fraction of one (1) share rounded up to the nearest whole fraction of one (1) share of Common Stock.
As of the Reverse Split Effective Time and thereafter, a certificate representing shares of Common Stock prior to the Reverse Split is
deemed to represent the number of post-Reverse Split shares into which the pre-Reverse Split shares were reclassified and combined. The
Reverse Split shall also apply to any outstanding securities or rights convertible into, or exchangeable or exercisable for, Common Stock
of the Corporation and all references to such Common Stock in agreements, arrangements, documents and plans relating thereto, or any
option or right to purchase or acquire shares of Common Stock, shall be deemed to be references to the Common Stock, or options or rights
to purchase or acquire shares of Common Stock, after giving effect to the Reverse Split.”
SECOND.
That a resolution was duly adopted by unanimous written consent of the directors of the Corporation, pursuant to Section 242 of the DGCL,
setting forth the above mentioned amendment to the Second Amended and Restated Certificate of Incorporation and declaring said amendment
to be advisable.
THIRD.
Pursuant to the resolution of the board of directors of the Corporation, a meeting of the stockholders of the Corporation was duly called
and held upon notice in accordance with Section 222 of the DGCL at which meeting the necessary number of shares as required by statute
were voted in favor of the foregoing amendment.
IN
WITNESS WHEREOF, this Certificate of Amendment of the Second Amended and Restated Certificate of Incorporation has been signed by the
Chief Executive Officer of the Corporation this 29th day of May, 2024.
| GREENWAVE
TECHNOLOGY SOLUTIONS, INC. |
|
| |
|
| By: |
/s/
Danny Meeks |
|
| Name: |
Danny
Meeks |
|
| Title: |
Chief
Executive Officer |
|
Exhibit
99.1
Greenwave
Announces Reverse Stock Split to Regain Nasdaq Compliance
Common
stock will begin trading on reverse split-adjusted basis on June 3, 2024
(Chesapeake,
VA) May 29, 2024 – 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.
Contact
Info:
(800)
490-5020
Info@GWAV.com
v3.24.1.1.u2
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|
May 29, 2024 |
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|
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May 29, 2024
|
| Current Fiscal Year End Date |
--12-31
|
| Entity File Number |
001-41452
|
| Entity Registrant Name |
Greenwave
Technology Solutions, Inc.
|
| Entity Central Index Key |
0001589149
|
| Entity Tax Identification Number |
46-2612944
|
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DE
|
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4016
Raintree Road
|
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Suite 300
|
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Chesapeake
|
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VA
|
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23321
|
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