Company to use funds for expansion and
accretive acquisitions
CHESAPEAKE, Va., Aug. 21,
2023 /PRNewswire/ -- Greenwave Technology Solutions,
Inc. ("Greenwave" or the "Company") (NASDAQ: GWAV), a leading
operator of metal recycling facilities in Virginia, North
Carolina and Cleveland,
Ohio, is pleased to announce that it has entered into a
definitive agreement with certain institutional and accredited
investors for the purchase and sale of 2,511,166 shares of common
stock in a registered direct offering priced at $1.27 per share and accompanying warrant,
resulting in gross proceeds to the Company of $3.2 million, before deducting the placement
agent's fees and other offering expenses payable by the
Company. The Company intends to use the net proceeds from this
offering for the expansion of its metal recycling operations,
accretive acquisitions, and general corporate
purposes.
The Special Equities Group, a division of Dawson James
Securities Inc., is acting as the sole placement agent for this
transaction.
The Company has also agreed to issue to the investors in a
concurrent private placement unregistered warrants to purchase up
to 5,022,332 shares of common stock. The warrants will have an
exercise price of $1.02 per share,
will be immediately exercisable upon issuance, and will expire 5.5
years from the date of issuance. The Company has agreed to
file a registration statement under the Securities Act of 1933, as
amended (the "Act"), with the Securities and Exchange Commission
(the "SEC"), covering the resale of the shares of common stock
issuable upon exercise of the warrants within 45 days following the
closing of the offering. The closing of the offering is
expected to occur on or about August 22,
2023, subject to the satisfaction of customary closing
conditions.
The shares of common stock described above are being offered and
sold by the Company pursuant to a "shelf" registration statement on
Form S-3 (File No. 333-271324) originally filed with the SEC
on April 18, 2023, as amended on
April 26, 2023, and declared
effective by the SEC on April 28,
2023. The offering of such shares of common stock in the
registered direct offering is being made only by means of a
prospectus supplement, forming a part of the effective registration
statement. A final prospectus supplement and accompanying base
prospectus relating to the registered direct offering will be filed
with the SEC. Copies of the final prospectus supplement and
accompanying base prospectus may be obtained, when available, for
free by visiting EDGAR on the SEC's website at www.sec.gov.
Alternatively, you may contact investors@GWAV.com for a copy of
these documents or contact our principal executive offices at 4016
Raintree Rd, Ste 300, Chesapeake,
VA 23321, c/o Corporate Secretary, (800) 490-5020.
The warrants described above are being offered and sold in a
private placement under Section 4(a)(2) of the Act and Regulation D
promulgated thereunder and, along with the shares of common stock
underlying such warrants, have not been registered under the Act,
or applicable state securities laws. Accordingly, the warrants and
the shares of common stock underlying such warrants may not be
reoffered or resold in the United
States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the Act and such applicable state securities
laws.
This press release shall not constitute an offer to sell or the
solicitation of any offer to buy the securities discussed herein,
nor shall there be any offer, solicitation, or sale of the
securities in any state in which such offer, solicitation, or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state.
About Greenwave
Greenwave Technology Solutions,
Inc., through its wholly owned subsidiary Empire Services, Inc.
("Empire"), is a leading operator of metal recycling facilities in
Virginia and North Carolina. At these facilities, Empire
collects, classifies, and processes raw scrap metal (ferrous and
nonferrous) for recycling. Steel is one of the world's most
recycled products with the ability to be re-melted and re-cast
numerous times while offering significant economic and
environmental benefits when compared with virgin materials. For
more information, please
visit https://www.greenwavetechnologysolutions.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. Such
factors include market conditions, the ability of the Company to
satisfy all conditions precedent to the closing of the registered
direct offering, and the completion of the registered direct
offering. 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