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Greenwave Technology Solutions, Inc. - $GWAV STOCK NEWS

Welcome to our dedicated page for Greenwave Technology Solutions news (Ticker: $GWAV), a resource for investors and traders seeking the latest updates and insights on Greenwave Technology Solutions stock.

Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect Greenwave Technology Solutions's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.

Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of Greenwave Technology Solutions's position in the market.

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Greenwave Technology Solutions (Nasdaq: GWAV) reported record revenues from its downstream processing system in May 2024. This surge was driven by increased volume and higher prices, particularly in the copper market. The record-breaking copper prices are attributed to growing demand from electric vehicles and AI technologies. Greenwave has invested over $500,000 in an Orbcon PTV balling mill at its Kelford, NC facility to optimize copper extraction. The company is confident in surpassing its $40 million revenue guidance for 2024, owing to high steel and copper processing volumes.

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-5.18%
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Rhea-AI Summary

Greenwave Technology Solutions, operator of metal recycling facilities in Virginia, North Carolina, and Ohio, announced a reverse stock split at a 1-for-150 ratio. Effective May 31, 2024, the split is intended to regain Nasdaq compliance by boosting the per-share trading price. Post-split trading begins June 3, 2024, under the symbol GWAV with a new CUSIP number 57630J 403. The move reduces outstanding shares from 1,132,490,847 to approximately 7,549,939 and affects all shareholders uniformly without altering their equity percentage, with fractional shares rounded up.

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Greenwave Technology Solutions announced the elimination of all its convertible debt and preferred shares, totaling $35.2 million, including $17.2 million held by the Chairman and CEO. The company now holds $21.8 million in cash on its balance sheet. This financial move strengthens Greenwave's position and allows for expansion plans. The company anticipates generating approximately $40 million in revenue for 2024 through increased processing volumes of steel and copper.

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Greenwave Technology Solutions, Inc. expects to process record volumes of steel and copper with revenues exceeding $40 million in 2024. Growth is being driven by its Cleveland, OH and Virginia Beach, VA locations, with the Company anticipating positive cashflows and EBITDA once its second American Pulverizer 60x85 Shredder commences operations. Greenwave CEO Danny Meeks believes the investments made in infrastructure will lead to significant growth in copper and steel processing capacity, creating value for shareholders.

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20.31%
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Greenwave Technology Solutions, Inc. reports that its CEO exchanged $17.22 million in debt into equity, with $10 million exchanged for Series D Preferred Stock and $7.22 million for common stock. This move aims to strengthen the company's balance sheet and align the CEO's interests with shareholders, reflecting confidence in the business and growth strategy.

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Rhea-AI Summary
Greenwave Technology Solutions, Inc. has significantly improved its balance sheet by $27 million in the past 90 days, with the Chairman and CEO converting $17.22 million of debt into equity. The company also received a $5.25 million capital infusion, further strengthening its financial position. Greenwave plans to aggressively grow operations, expand its technology platform, and enhance margins, aiming to achieve full compliance with Nasdaq listing standards by May. The company is set to generate record revenues in 2024, with a focus on steel processing and new market expansion.
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Greenwave Technology Solutions, Inc. (GWAV) has received a 180-day extension from Nasdaq to regain compliance with the $1.00 minimum bid price requirement. The company has already met the market value of listed securities requirement but must comply with the bid price rule by September 30, 2024, to avoid delisting. Greenwave anticipates achieving record revenues and steel processing volume in 2024.
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Greenwave Technology Solutions, Inc. announces regaining compliance with Nasdaq's shareholder equity requirement by increasing shareholder's equity by approximately $14.87 million through warrant exercises and debt conversions. The company secured waivers for cash covenants and amortization payments, aiming to grow operations and generate record revenues in 2024.
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21.49%
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Greenwave Technology Solutions, Inc. (GWAV) announces the connection of its second automotive shredder to the power grid, expected to double annual shredded ferrous output and boost revenues by $4.8 million. The company aims to increase revenue by 25-30% through shredding steel it currently sells unshredded. With the acquisition of Baltimore Scrap Corp., Greenwave becomes one of the largest independent chains of scrap yards on the East Coast.
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24.49%
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Rhea-AI Summary
Greenwave Technology Solutions, Inc. (GWAV) successfully restructured its senior secured debt, waiving cash covenants and amortization payments. The company's second automotive shredder is expected to double ferrous metal processing capacity, leading to a 30% revenue increase. Record revenues are anticipated in 2024, with plans to aggressively grow operations.
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Greenwave Technology Solutions, Inc.

Nasdaq:GWAV

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15.48M
13.00M
21.45%
8.33%
5.08%
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