Breaking News
greenwave technology solutions surges with strengthened equity and financial growth 23


Greenwave Technology Solutions Surges with Strengthened Equity and Financial Growth


Benjamin Hughes

April 1, 2024 - 13:55 pm


Greenwave Technology Solutions Reaffirms Financial Assurance with Enhanced Equity Position

CHESAPEAKE, Va., April 1, 2024 – Today, Greenwave Technology Solutions Inc., a distinguished player in the metal recycling industry, inform the financial community of a significant strengthening of its balance sheet courtesy of a series of strategic financial maneuvers executed in the first quarter of the year 2024. The company, which operates a robust network of metal recycling facilities in Virginia, North Carolina, and Ohio, has successfully raised its shareholder equity by an impressive $14.87 million. This augmentation came about through the acquisition of proceeds from warrant exercises amounting to roughly $2.81 million, converting close to $2.06 million of third party debt into equity, and transforming $10 million of related-party debt into shareholder equity.

The company is confident that these decisive actions have successfully realigned them with Nasdaq's stringent shareholder equity requirement, surpassing the minimum $2.5 million stockholders' equity threshold. Moreover, Greenwave has satisfactorily met the initial $5 million equity requirement necessary for a listing on The Nasdaq Capital Market, laying a strong foundation for its future financial endeavors.

Additionally, Greenwave has obtained crucial waivers from its senior secured note holders, freeing the company from the obligations of quarterly cash covenants until September 30, 2024, and from monthly amortization payments until July 31, 2024. By restructuring its debt, Greenwave anticipates the liberation of additional cash flows, a critical factor expected to propel the company's operational growth significantly.

As asserted by company representatives, Greenwave firmly believes it is poised to achieve unprecedented revenue milestones with its record volumes of steel processing anticipated in 2024. Details of these ambitious projections and recent financial adjustments have been extensively chronicled in the Company's Current Report on Form 8-K, as filed with the U.S. Securities and Exchange Commission on April 1, 2024. This document serves as a testament to Greenwave's commitment to transparency and fiscal responsibility.

About Greenwave Technology Solutions

At the core of Greenwave's operation is its wholly owned subsidiary Empire Services, Inc., which operates thirteen state-of-the-art metal recycling facilities spread across Virginia, North Carolina, and Ohio. The company's meticulous recycling processes are designed to efficiently collect, categorize, and process raw scrap metal, both ferrous and nonferrous. Greenwave has integrated a suite of novel technologies to maximize processing volumes and amplify operational efficiencies. This includes sophisticated downstream recovery systems and cloud-based enterprise resource planning (ERP) systems that ensure Greenwave stays at the vanguard of the metal recycling industry.

The realm of steel recycling stands as one of the globe's most regenerative industries, allowing steel products to be melted and reshaped countless times over. Greenwave plays a pivotal role in this by providing environmental benefits far superior to those of virgin metal production. By channeling efforts into recycling steel, the company achieves significant energy savings, slashes CO2 emissions, curtails waste, and conserves precious natural resources—a testament to their environmental stewardship.

The company is not only an environmental advocate but also a valued partner to various sectors. Its client roster spans vast and diverse segments, including major corporations, heavy industrial manufacturers, retailers, and government entities. Greenwave is priming itself for an aggressive expansion as it eyes the acquisition of independent scrap yards that boast profitability, aiming to solidify its presence and potentially broaden its market reach in the forthcoming months. For a more comprehensive understanding of Greenwave's services and capabilities, the public is invited to peruse their website at

Forward-Looking Statements and Corporate Vision

In their press release, Greenwave Technology Solutions makes clear their forward-looking intentions. The narrative is woven with optimism and articulates aspirations for revenue growth augmentation, the unveiling of additional locations, margin widening, and the projection of improved cash flows. Through the skillful employment of proactive language, it is evident that the company envisions an upward trajectory in these areas. The statements make use of "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," and "project" to convey Greenwave's calculated predictions and well-founded confidence in its strategic planning.

Despite their optimistic outlook, Greenwave is cautious to underline the potential risks inherent to forward-looking statements. These include the considerable uncertainties and various factors that might significantly differentiate real outcomes from historical data or present projections. Recognizing the impermanence of the market and the volatility of their common stock's trading price, the press release serves as a candid acknowledgment of such variables and underscores the dynamic nature of the industry.

The press release concludes with a candid assertion: Greenwave shall remain adaptive, amending and updating these forward-looking statements as required by either new information surfacing, future events, or unanticipated happenings post the date of their creation. This promise aligns with legal obligations and abides by the spirit of transparency, which is integral to their corporate ethos.

In consideration of the risks and uncertainty enveloping forward-looking statements, Greenwave has judiciously contextualized its forward-looking proclamations within the frameworks established by the Private Securities Litigation Reform Act of 1995. This act offers a safe harbor for such speculative statements, recognizing that although based on current expectations and projections, there remains a non-negligible possibility that actual future circumstances might diverge substantially from these predictions. The press release makes it palpably clear that any reliance placed on forward-looking statements should be balanced with an awareness of the risks and discrepancies that come with predictive disclosures.

Greenwave's forward-looking statements are informed heavily by certain key assumptions and estimations. These are posed with the underlying belief that the paths laid out for revenue growth, the expansion of locations, margin broadening, and anticipations of future cash flows are well within the realm of possibility. While the expression "potential" imbued within the statements speaks of not yet manifest realities, the company believes these elements are achievable based on strategic planning and market insights.

To ensure that stakeholders are kept informed, Greenwave has completed the customary filings with the U.S. Securities and Exchange Commission. The detailed documentation, found in the Company's filings with the SEC, outlines the identified risk factors that might impact forward-looking statements. By catering to these formalities, Greenwave underlines its steadfast adherence to regulatory practices and showcases its unwavering commitment to corporate integrity and investor relations.

The forward-looking statements included in Greenwave's discourse are crafted to enlighten and guide the expectations of investors, partners, and the broader public regarding the company's future. Yet, in the interest of prudence, Greenwave remains vigilant and amenable, ready to amend their outward-looking assertions to align with ever-shifting economic landscapes and industry norms. The press release is careful to articulate that, aside from legally imposed conditions, there is no obligation for Greenwave to explicitly revise or publicly communicate adjustments to forward-looking statements following their initial publication unless new developments necessitate such action.

As the press release concludes, it acknowledges Greenwave Technology Solutions as the source, ensuring clarity regarding the origin of the information presented. With this, Greenwave further solidifies its stance as a credible and forthcoming entity within the metal recycling sector, one which maintains open channels of communication with its stakeholders and the general public.

In a world where industry and environmental protection must go hand in hand, Greenwave Technology Solutions emerges as a leading force, reconciling economic objectives with eco-friendly practices. With its recent financial restructuring and renewed compliance with stock market regulations, Greenwave stands primed to forge ahead in its mission of sustainable growth, advancement of recycling technologies, and expansion into new markets. The company's proactive measures serve as a beacon within the industry, signaling resilience, innovation, and a deep-seated commitment to the environment.

The pathways charted by Greenwave not only pertain to the continuation of a prosperous business model; they also reflect a profound awareness of the environmental imperatives central to the 21st century. As Greenwave ascends towards its aspirational peak, it carries with it the principles of sustainability, the promise of technological prowess, and a forward-looking vision that promises to resonate with stakeholders and eco-conscious consumers alike.

In summation, the latest news from Greenwave Technology Solutions underscores a pivotal moment where financial fortitude converges with strategic growth and environmental regard. It is within this intersection of values that Greenwave crafts its narrative—a narrative that holds the promise of exemplary stewardship both in business and environmental terms, as it navigates the complexities and responsibilities of a modern world.