Greenwave Technology Solutions plans a 1-for-110 reverse stock split, effective August 22, 2025, to meet Nasdaq compliance.
Quiver AI Summary
Greenwave Technology Solutions, Inc. has announced a reverse stock split of its common stock at a ratio of 1 post-split share for every 110 pre-split shares, effective at 5:00 p.m. EST on August 22, 2025. The changes will be reflected in trading on The Nasdaq Capital Market starting August 25, 2025. This move aims to increase the stock's per-share price to ensure compliance with Nasdaq's minimum bid price requirement. Stockholders will not need to take action for the adjustment, and fractional shares will be rounded up to the nearest whole share. Following the split, the number of shares outstanding will decrease from approximately 62.8 million to about 570,858 shares. The company operates metal recycling facilities and plans to expand by acquiring additional scrap yards.
Potential Positives
- The reverse stock split is aimed at increasing the per-share trading price, helping the company regain compliance with Nasdaq's minimum bid price requirement.
- The company plans to aggressively expand its operations by acquiring more profitable scrap yards in the coming months.
- The ongoing operations of the company's metal recycling facilities support environmental benefits, which could enhance its reputation and attract socially responsible investors.
Potential Negatives
- The announcement of a reverse stock split could signal to investors that the company is struggling to maintain its stock price above the minimum required for continued listing on The Nasdaq Capital Market, which may undermine investor confidence.
- The drastic reduction of outstanding shares from approximately 62.8 million to around 570,858 may lead to increased volatility in stock price and can be perceived negatively as a sign of desperation to meet regulatory requirements.
- Reverse stock splits often accompany financial distress or poor company performance, which could raise concerns among investors about the company's long-term viability.
FAQ
When will the reverse stock split become effective?
The reverse stock split will become effective at 5:00 p.m. Eastern Standard Time on August 22, 2025.
What is the reverse stock split ratio for Greenwave?
The reverse stock split ratio is 1 post-reverse split share for every 110 pre-reverse split shares.
Will stockholders need to take action for the reverse split?
Stockholders holding shares electronically will not need to take any action; their holdings will be automatically adjusted.
How will fractional shares be handled in the reverse split?
No fractional shares will be issued; any fractional interest will be rounded up to the nearest whole share.
What is the new CUSIP number after the reverse stock split?
The new CUSIP number following the reverse stock split will be 57630J 502.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$GWAV Insider Trading Activity
$GWAV insiders have traded $GWAV stock on the open market 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $GWAV stock by insiders over the last 6 months:
- JASON T ADELMAN sold 100,000 shares for an estimated $25,000
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
Full Release
Common stock will begin trading on reverse split-adjusted basis on August 25, 2025
(Chesapeake, VA), Aug. 20, 2025 (GLOBE NEWSWIRE) -- Greenwave Technology Solutions, Inc. (“Greenwave” or the “Company”) (Nasdaq: GWAV), an operator of metal recycling facilities in Virginia, North Carolina, and Ohio, today announced that it intends to effect a reverse stock split of its common stock, par value $0.001 per share (the “Common Stock”) at a ratio of 1 post-reverse split share for every 110 pre-reverse split shares. The reverse stock split will become effective at 5:00 p.m. Eastern Standard Time on Friday, August 22, 2025. The Common Stock 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 Monday, August 25, 2025. The new CUSIP number of the Common Stock following the reverse stock split will be 57630J 502. The reverse stock split is intended to increase the per-share trading price of the Common Stock to enable the Company to regain compliance with the minimum bid price requirement for continued listing on The Nasdaq Capital Market.
At the effective time of the reverse stock split, every 110 shares of the Company’s issued and outstanding Common Stock will be converted automatically into one issued and outstanding share of Common Stock without any change in the par value per share. Stockholders holding their shares electronically in book-entry form are not required to take any action to receive post-reverse split shares. Stockholders owning shares through a bank, broker, or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to brokers’ particular processes, and will not be required to take any action in connection with the reverse stock split. For those stockholders holding physical stock certificates, the Company’s transfer agent, Equity Stock Transfer, will send instructions for exchanging those certificates for shares held electronically in book-entry form or for new certificates, in either case representing the post-reverse split number of shares.
The reverse stock split will affect all stockholders uniformly and will not alter any stockholder’s percentage interest in the Company’s equity, except to the extent that the reverse stock split would result in a stockholder owning a fractional share. No fractional shares will be issued in connection with the reverse stock split. Any fractional interest in Common Stock will be rounded up to the nearest whole share of Common Stock.
The reverse stock split will reduce the number of shares of Common Stock outstanding from 62,794,283 shares, the number of shares outstanding on August 22, 2025, to approximately 570,858 shares, subject to adjustment for fractional shares. Proportional adjustments will be made to the number of shares of Common Stock issuable upon exercise or conversion of the Company’s options and warrants, as well as the applicable exercise price.
About Greenwave
Greenwave Technology Solutions, Inc., through its wholly owned subsidiary Empire Services, Inc., 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) 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. The Company’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.
Contact Info:
(800) 490-5020
[email protected]
