Greenwave Technology Solutions' Exchanges All Outstanding Notes Held by its Chief Executive Officer into Equity
Greenwave Technology Solutions' Exchanges All Outstanding Notes Held by its Chief Executive Officer into Equity |
[07-May-2024] |
Greenwave CEO Exchanges $7.22 Million in Debt into Common Shares at $0.1167/Share Additionally, Company CEO Exchanges $10 Million in Debt into Shares of Series D Preferred CHESAPEAKE, Va., May 7, 2024 /PRNewswire/ -- Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (Nasdaq: GWAV), a leading operator of metal recycling facilities in Virginia, North Carolina, and Ohio, is pleased to report its Chairman and Chief Executive Officer, has exchanged an aggregate of approximately $17.22 million in debt into equity comprised of (i) $10.00 million in debt exchanged for shares of Series D Preferred Stock and (ii) $7.22 million in debt exchanged into common stock at $0.1167 per share. "Over the past several weeks, we have significantly strengthened Greenwave's balance sheet and positioned the Company for the next phase of its growth," stated Greenwave CEO Danny Meeks. "I believe exchanging my debt into equity further aligns me with all shareholders and reflects the confidence I have in our business and growth strategy." For more information, please see the Company's Current Reports on Form 8-K filed with the U.S. Securities and Exchange Commission on April 2, 2024 and April 22, 2024. About Greenwave Greenwave Technology Solutions, Inc., through its wholly owned subsidiary Empire Services, Inc. ("Empire"), is a leading 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. Greenwave'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 View original content to download multimedia:https://www.prnewswire.com/news-releases/greenwave-technology-solutions-exchanges-all-outstanding-notes-held-by-its-chief-executive-officer-into-equity-302138164.html SOURCE Greenwave Technology Solutions | ||
Company Codes: NASDAQ-NMS:GWAV |