Business
Greenwave Technology Solutions Completes Recapitalization
Company Strengthens Balance Sheet by $80.5 Million since February Greenwave Attracts $45.3 Million in New Capital Infusions since March Company's Business
About this update from Greenwave Technology Solutions, Inc.
[{"type":"text","content":"Company Strengthens Balance Sheet by $80.5 Million since February\nGreenwave Attracts $45.3 Million in New Capital Infusions since March\nCompany's Business Plan Fully Funded with No Current Need for Additional Capital\nCHESAPEAKE, Va., June 18, 2024 /PRNewswire/ -- Greenwave Technology Solutions, Inc. (\"Greenwave\" or the \"Company\") (Nasdaq: GWAV), an operator of metal recycling facilities in Virginia, North Carolina, and Ohio, announced today the completion of its recapitalization, significantly strengthening its balance sheet. \n\n \n \n \n \n \n \n\n \nGreenwave's Recent Highlights:\nOn track to generate record revenues exceeding $40 million driven by volume of steel and copper processed in 2024 Strengthened balance sheet by approximately $80.5 million since February Attracts $45.3 million in new capital infusions since March Current cash balance of over $26 million Strongest cash position in Company history Business plan is now fully funded No current need to raise additional capital Company is now in full compliance with all Nasdaq listing requirements Intends to utilize additional cash flow from operations to aggressively grow and increase processing volume Anticipates starting operations of its second shredder this summer Plans to expand its wholly-owned technology platform, ScrapApp.com, nationwide and continue AI development Plans to enhance margins of its downstream processing system with implementation of new copper extraction technology Evaluating accretive acquisitions and strategic partnerships Chairman and CEO exchanged approximately $17.2 million of debt into equityAbout GreenwaveGreenwave Technology Solutions, Inc., through its wholly owned subsidiary Empire Services, Inc. (\"Empire\"), 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).\nSteel is one of the world's most recycled products with the ability to be re-melted and re-cast numerous times. For more information, please visit www.GWAV.com.\nForward-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 ...