Greenwave Eliminates All Convertible Debt
Rhea-AI Summary
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.
Positive
- Greenwave retired $35.2 million in debt, including $17.2 million held by its Chairman and CEO.
- The company now holds $21.8 million in cash on its balance sheet.
- Greenwave has no convertible debt or preferred shares outstanding.
- The elimination of debt strengthens the company's financial position.
- Greenwave plans to expand its operations in the coming weeks.
- Projected revenue for 2024 is approximately $40 million, driven by steel and copper processing volumes.
Negative
- The PR does not specify how the debt was eliminated, which could raise questions about the method and its impact on shareholders.
- No details on the costs associated with the debt elimination process are provided, which may affect financial transparency.
News Market Reaction
On the day this news was published, GWAV gained 12.44%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Final Conversion of
Greenwave Eliminated an Additional
Company Now Has No Convertible Debt or Preferred Shares Outstanding
Greenwave Bolsters Balance Sheet with
With a significantly strengthened balance sheet, the Company intends to expand its operations in the coming weeks. Greenwave expects to generate approximately
About Greenwave
Greenwave Technology Solutions, Inc., through its wholly owned subsidiary, Empire Services, Inc.
("Empire"), is an operator of 13 metal recycling facilities in
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. 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.
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SOURCE Greenwave Technology Solutions
FAQ
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