Nasdaq Grants Company 180 Day Extension to
Regain Compliance with $1.00 Minimum
Bid Price Requirement
CHESAPEAKE, Va., April 4,
2024 /PRNewswire/ -- Greenwave Technology Solutions,
Inc. ("Greenwave" or the "Company") (Nasdaq: GWAV), a leading
operator of metal recycling facilities in Virginia, North
Carolina, and Ohio,
announced that it has received a formal notice from the Nasdaq
Stock Market LLC ("Nasdaq") informing the Company that it has
regained compliance with the market value of listed securities
requirement under Nasdaq Listing Rule 5550(b)(2) for continued
listing on the Nasdaq Capital Market. However, if the Company fails
to evidence compliance upon filing its next periodic report, it may
be subject to delisting.
Further, Nasdaq provided the Company an additional 180 calendar
days, or until September 30, 2024, to
regain compliance with the $1.00
minimum bid price requirement for continued listing under Nasdaq
Listing Rule 5550(a)(2). If the Company does not regain compliance
by September 30, 2024, Nasdaq would
notify the Company that its securities would be subject to
delisting.
Greenwave believes it is on track to generate record revenues
with record volume of steel processed in 2024. For more
information, please see the Company's Current Report on Form 8-K
filed with the U.S. Securities and Exchange Commission on
April 4, 2024.
About Greenwave
Greenwave Technology Solutions,
Inc., through its wholly owned subsidiary Empire Services, Inc.
("Empire"), is a leading 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. Greenwave'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.
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SOURCE Greenwave Technology Solutions