Company Strengthens Balance Sheet by $80.5 Million since February
Greenwave Attracts $45.3 Million in New Capital Infusions since March
Company's Business Plan Fully Funded with No Current Need for Additional Capital
CHESAPEAKE, Va., June 18, 2024 /PRNewswire/ -- Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (Nasdaq: GWAV), an operator of metal recycling facilities in Virginia, North Carolina, and Ohio, announced today the completion of its recapitalization, significantly strengthening its balance sheet.
Greenwave's Recent Highlights:
- On track to generate record revenues exceeding $40 million driven by volume of steel and copper processed in 2024
- Strengthened balance sheet by approximately $80.5 million since February
- Attracts $45.3 million in new capital infusions since March
- Current cash balance of over $26 million
- Strongest cash position in Company history
- Business plan is now fully funded
- No current need to raise additional capital
- Company is now in full compliance with all Nasdaq listing requirements
- Intends to utilize additional cash flow from operations to aggressively grow and increase processing volume
- Anticipates starting operations of its second shredder this summer
- Plans to expand its wholly-owned technology platform, ScrapApp.com, nationwide and continue AI development
- Plans to enhance margins of its downstream processing system with implementation of new copper extraction technology
- Evaluating accretive acquisitions and strategic partnerships
- Chairman and CEO exchanged approximately $17.2 million of debt into equity
About Greenwave
Greenwave Technology Solutions, Inc., through its wholly owned subsidiary Empire Services, Inc. ("Empire"), 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).
Steel is one of the world's most recycled products with the ability to be re-melted and re-cast numerous times. 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.
SOURCE Greenwave Technology Solutions
