GREENWAVE TECHNOLOGY SOLUTIONS INC SEC Filings

Greenwave Technology Solutions, Inc. reported that Nasdaq has issued a Staff Determination Letter stating that the company is not in compliance with Nasdaq Listing Rule 5250(c)(1) because it has not filed its Quarterly Reports on Form 10-Q for the periods ended June 30, 2025 and September 30, 2025, and it missed an exception deadline on November 17, 2025.

The letter states that trading of Greenwave’s securities is scheduled to be suspended from Nasdaq at the opening of business on November 28, 2025 unless the company appeals by November 25, 2025. Greenwave has since filed its Form 10-Q for the period ended March 31, 2025 and plans to file the remaining two quarterly reports as it works toward regaining full compliance.

The company intends to request a hearing before a Nasdaq Hearings Panel, which would automatically stay any suspension for at least 15 calendar days from the hearing request date, and may allow it to seek further extensions. However, there is no assurance that additional time or relief will be granted, creating ongoing uncertainty around the continued Nasdaq listing of its common stock.

Greenwave Technology Solutions, Inc. (GWAV) reported first-quarter 2025 results showing lower sales but a smaller loss. Revenue was $7.33 million, down from $8.50 million a year earlier, while gross profit improved to $3.49 million from $3.26 million as cost of revenues declined.

Operating expenses rose to $7.37 million, driven by higher payroll, hauling and equipment maintenance, and depreciation and amortization. Net loss narrowed to $4.67 million from $8.06 million, and net loss available to common shareholders was $7.67 million versus $33.46 million, reflecting smaller deemed dividends tied to warrant and debt repricing.

Cash increased to $5.50 million from $2.58 million, mainly from $9.14 million in common stock and warrant sales, but the company still had a working capital deficit of $7.48 million and an accumulated deficit of $503.98 million. Management states these conditions raise substantial doubt about Greenwave’s ability to continue as a going concern without additional financing.

Greenwave Technology Solutions, Inc. (GWAV) has notified the SEC that it will not be able to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 by the required deadline. The company states that it needs additional time to finalize the financial statements and disclosures for this report.

The company also discloses that its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025 remain unfiled, and it is working to complete the necessary steps to finish those financial statements and disclosures. Greenwave further indicates that it does not expect to file the September 30, 2025 Form 10-Q within the standard short extension period available under Rule 12b-25, signaling a continuing delay in its periodic reporting.

Anson-affiliated investors — Anson Funds Management LP, Anson Management GP LLC, Anson Advisors Inc., Tony Moore, Amin Nathoo and Moez Kassam — report shared beneficial ownership of 3,212,670 shares of Greenwave Technology Solutions common stock, representing 4.9% of the issued and outstanding class when accounting for common shares underlying warrants. The holdings are presented as shared voting and dispositive power (no sole voting or dispositive power reported). The filing notes that each warrant contains a beneficial ownership limitation preventing exercise above certain ownership thresholds.