Greenwave Announces Share Consolidation to Regain Nasdaq Compliance

The common shares will begin trading on a reverse split-adjusted basis on June 3, 2024

CHESAPEAKE, Virginia., May 29, 2024 /PRNewswire/ — Greenwave Technology Solutions, Inc. (“Greenwave” or the “Company”) (Nasdaq: GWAV), an operator of metal recycling facilities in Virginia, North CarolinaAnd Ohiotoday announced its intention to carry out a reverse stock split of its common stock, par value $0.001 per share (the “Ordinary Shares”) at the rate of 1 post-consolidation share for 150 pre-consolidation shares. The reverse stock split will become effective at 5:00 p.m. Eastern Standard Time on FridayMay 31, 2024. The common shares will continue to be traded on the Nasdaq Capital Market under the symbol GWAV and will begin trading on a reverse split-adjusted basis when the market opens on May 31, 2024. Monday June 3, 2024. The new CUSIP number of the common shares following the reverse stock split will be 57630J 403. The reverse stock split is intended to increase the trading price per share of the common shares in order to enable the Company to return to compliance with the requirement of minimum purchase price for continued listing on the Nasdaq Capital Market.

Upon the reverse stock split, all 150 issued and outstanding shares of common stock of the Company will automatically be converted into one issued and outstanding share of common stock without any change in the par value of each share. Shareholders holding their shares electronically in book-entry form are not required to take any action to receive shares after a reverse split. Shareholders holding shares through a bank, broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to the brokers’ specific processes, and will not be required to take any action in connection with the reverse stock split. For shareholders holding physical share certificates, the Company’s transfer agent, Equity Stock Transfer, will send instructions for the exchange of such certificates for shares held electronically in book-entry form or for new certificates, in both cases representing the number of post-consolidation shares. .

The reverse stock split will affect all shareholders equally and will not change a shareholder’s percentage interest in the equity of the Company, except to the extent that the reverse stock split would result in a shareholder owns a fractional share. No fractional shares will be issued as part of the reverse stock split. Any fractional interest in common stock will be rounded to the nearest whole share of common stock.

The reverse stock split will reduce the number of outstanding common shares by 1,132,490,847 shares, the number of outstanding shares at May 31, 2024, to approximately 7,549,939 shares, subject to adjustment for fractional shares. Proportionate adjustments will be made to the number of shares of common stock issuable upon exercise or conversion of the Company’s options and warrants, and to the applicable exercise price.

About Greenwave

Greenwave Technology Solutions, Inc., through its wholly owned subsidiary Empire Services, Inc., operates 13 metal recycling facilities in Virginia, North Carolina and Ohio. The Company’s recycling facilities collect, classify and process raw scrap metal (ferrous and non-ferrous) and implement several unique technologies to increase metal processing volumes and operational efficiencies, including a downstream recovery system and a cloud-based ERP system.

Steel is one of the most recycled products in the world and can be remelted and remelted many times. Recycling steel offers key environmental benefits over virgin metals, including reduced energy consumption, reduced CO2 emissions, reduced waste and conservation of natural resources. The Company’s customers include large enterprises, industrial manufacturers, retail customers and government organizations. The company plans to aggressively expand its presence by acquiring independent and 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, but are not limited to, statements regarding its revenue growth, the opening of additional locations, margin expansion and cash flow projections. These statements are identified by the use of the words “may”, “believe”, “anticipate”, “intend”, “estimate”, “expect”, “may”, “continue”, “predict”. “, ” potential “. “project” and similar expressions 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 or suggested by the forward-looking statements are reasonable, the Company can give no assurance that such 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 current expectations or projections. . Actual results may differ materially from those indicated in the forward-looking statements and the market price of the Company’s common stock may fluctuate materially. Forward-looking statements are also affected by risk factors described in the Company’s filings with the SEC. Except as required by law, the Company undertakes no obligation to publicly update or revise 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 unforeseen events.

SOURCE Greenwave Technology Solutions