Curated News
By: NewsRamp Editorial Staff
May 10, 2024
Greenwave Technology Solutions Cleans Up Balance Sheet, Expects Record Revenues in 2024
TLDR
- Greenwave Technology Solutions Inc. is positioning itself for more growth through a recent debt-for-equity exchange, demonstrating confidence in its prospects and commitment to shareholders.
- Greenwave exchanged $17.22 million in debt for shares, with $10 million exchanged for Series D Preferred Stock and $7.22 million for common stock at $0.1167 per share.
- Greenwave's use of recycled steel can cut CO2 emissions by about 75%, contributing to a greener environment and a more sustainable future.
- Greenwave's wholly owned subsidiary, Scrap App Inc., created an AI-based quoting system for metal from construction and demolition projects, generating over $200,000 in revenue within its first 130 days of operations.
Impact - Why it Matters
The news is important because it showcases Greenwave's efforts to strengthen its financial position and pursue growth opportunities. By shoring up its balance sheet, the company is better positioned to meet the rising demand for recycled metal, which is crucial in reducing CO2 emissions and conserving energy. This development also reflects CEO Danny Meeks' confidence in the company's growth strategy and commitment to creating shareholder value.
Summary
Greenwave Technology Solutions Inc. (NASDAQ: GWAV), the operator of 13 metal recycling facilities in Virginia, North Carolina and Ohio, is cleaning up its balance sheet through a debt-for-equity exchange. The company expects revenues exceeding $40 million in 2024, driven by its Cleveland, OH, and Virginia Beach, VA, locations. Chairman and CEO Danny Meeks exchanged all outstanding notes he held into equity, demonstrating confidence in the company’s prospects and commitment to its shareholders.
Source Statement
This curated news summary relied on this press release disributed by News Direct. Read the source press release here, Greenwave Technology Solutions Cleans Up Balance Sheet, Expects Record Revenues in 2024
