Greenwave Technology Solutions Announces $3.2 Million Registered Direct Offering Priced Above Market

About this update from Greenwave Technology Solutions, Inc.

[{"type":"text","content":"Company to use funds for expansion and accretive acquisitions\nCHESAPEAKE, Va., Aug. 21, 2023 /PRNewswire/ -- Greenwave Technology Solutions, Inc. (\"Greenwave\" or the \"Company\") (NASDAQ: GWAV), a leading operator of metal recycling facilities in Virginia, North Carolina and Cleveland, Ohio, is pleased to announce that it has entered into a definitive agreement with certain institutional and accredited investors for the purchase and sale of 2,511,166 shares of common stock in a registered direct offering priced at $1.27 per share and accompanying warrant, resulting in gross proceeds to the Company of $3.2 million, before deducting the placement agent's fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for the expansion of its metal recycling operations, accretive acquisitions, and general corporate purposes. \n\n \n \n \n \n \n \n\n \nThe Special Equities Group, a division of Dawson James Securities Inc., is acting as the sole placement agent for this transaction.\nThe Company has also agreed to issue to the investors in a concurrent private placement unregistered warrants to purchase up to 5,022,332 shares of common stock. The warrants will have an exercise price of $1.02 per share, will be immediately exercisable upon issuance, and will expire 5.5 years from the date of issuance. The Company has agreed to file a registration statement under the Securities Act of 1933, as amended (the \"Act\"), with the Securities and Exchange Commission (the \"SEC\"), covering the resale of the shares of common stock issuable upon exercise of the warrants within 45 days following the closing of the offering. The closing of the offering is expected to occur on or about August 22, 2023, subject to the satisfaction of customary closing conditions.\nThe shares of common stock described above are being offered and sold by the Company pursuant to a \"shelf\" registration statement on Form S-3 (File No. 333-271324) originally filed with the SEC on April 18, 2023, as amended on April 26, 2023, and declared effective by the SEC on April 28, 2023. The offering of such shares of common stock in the registered direct offering is being made only by means of a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying b...

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