Greenwave Announces Receipt of Additional Delinquency Notice from Nasdaq
Rhea-AI Summary
Greenwave Technology Solutions (NASDAQ:GWAV), a metal recycling operator, received an additional delinquency notice from Nasdaq on August 22, 2025, due to failing to file its Q2 2025 Form 10-Q on time. This follows a previous delinquency notice from May 30, 2025, regarding the delayed Q1 2025 Form 10-Q filing.
The company must submit an updated compliance plan to Nasdaq by September 8, 2025. While GWAV's securities continue trading on the Nasdaq Capital Market, the non-compliance could serve as an additional basis for potential delisting. The company states it is working to complete and file both delayed quarterly reports.
Positive
- None.
Negative
- Company failed to file Q2 2025 Form 10-Q by the deadline
- Second delinquency notice received from Nasdaq in 2025
- Potential delisting risk from Nasdaq due to non-compliance
- Q1 2025 Form 10-Q remains unfiled despite previous compliance plan
Insights
GWAV receives second Nasdaq delinquency notice for late filings, increasing delisting risk despite temporary trading continuation.
Greenwave Technology Solutions has received a second delinquency notice from Nasdaq for failing to file its Q2 2025 quarterly report on time, following an earlier notice regarding its Q1 2025 report. This repeated non-compliance with Nasdaq Listing Rule 5250(c)(1) represents a significant regulatory concern. While Nasdaq had previously approved the company's compliance plan for the Q1 report, this additional delinquency creates a new potential basis for delisting.
Consecutive reporting failures raise serious red flags about the company's internal financial controls and reporting capabilities. When public companies can't produce timely financial statements, it typically indicates underlying problems that could range from accounting irregularities to resource constraints or operational challenges. The company must now submit an updated compliance plan by September 8, 2025.
Despite these issues, Greenwave's shares will continue trading on the Nasdaq Capital Market under symbol GWAV for now. However, investors should understand that regulatory patience has limits. Nasdaq's decision to maintain the listing while awaiting updated compliance plans suggests they're giving management an opportunity to resolve these issues, but the company's statement that the delinquencies "could serve as an additional basis for delisting" acknowledges the growing risk.
The repeated pattern of missed filing deadlines substantially increases the probability of eventual delisting if the company cannot quickly resolve its reporting deficiencies and file both delayed reports "as soon as practicable."
Chesapeake, VA, Aug. 26, 2025 (GLOBE NEWSWIRE) -- Today, Greenwave Technology Solutions, Inc. (“Greenwave” or the “Company”) (Nasdaq: GWAV), an operator of metal recycling facilities in Virginia, North Carolina, and Ohio, reported that the Company received an additional delinquency notice (the “Notice”) from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) on August 22, 2025, which indicated that, as a result of the delay in the Company’s filing of its Quarterly Report on Form 10-Q for the period ended June 30, 2025 (the “Q2 Form 10-Q”) by the applicable due date, the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Rule”), which requires Nasdaq-listed companies to timely file all required periodic financial reports with the U.S. Securities and Exchange Commission (the “SEC”). The additional delinquency could serve as an additional basis for the delisting of the Company’s securities from Nasdaq.
As previously disclosed on May 30, 2025, the Company previously received a delinquency notification letter from Nasdaq and thereafter submitted its plan to Nasdaq to regain compliance with the Rule by filing its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 (the “Q1 Form 10-Q” and together with the Q2 Form 10-Q, the “Delayed Reports”) with the SEC by August 22, 2025, which plan Nasdaq ultimately approved. Nasdaq has now requested an update to the plan, particularly with respect to the Company’s plan to file the Q2 Form 10-Q with the SEC. The Company plans to timely update Nasdaq with respect to the plan by September 8, 2025.
Neither the Notice nor the Company’s non-compliance with the Rule will have an immediate effect on the listing or trading of the Company’s securities on Nasdaq, which will continue to trade on The Nasdaq Capital Market under the symbol “GWAV.” The Company continues to work diligently to complete and file the Delayed Reports with the SEC and thereby evidence compliance with such requirements as soon as practicable.
About Greenwave
Greenwave Technology Solutions, Inc., through its wholly owned subsidiary Empire Services, Inc., 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) 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. The Company’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
This 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 of additional locations, margin expansion and cashflow projections. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although the Company believes that its plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, the Company can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Company’s control), assumptions and other factors that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results may differ materially from those in the forward-looking statements and the trading price for the Company’s Common Stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company’s filings with the SEC. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Contact Info:
(800) 490-5020
Info@GWAV.com
FAQ
Why did Greenwave (GWAV) receive a delinquency notice from Nasdaq in August 2025?
Will Greenwave (GWAV) be immediately delisted from Nasdaq due to the delinquency notices?
What is the deadline for Greenwave (GWAV) to submit its updated compliance plan to Nasdaq?
How many delinquency notices has Greenwave (GWAV) received from Nasdaq in 2025?
What operations does Greenwave Technology Solutions (GWAV) conduct?
