Greenwave Technology Solutions, Inc. has announced a reverse stock split of its 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 reverse stock split will reduce the number of shares of common stock outstanding from 62,794,283 shares 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.
Greenwave Technology Solutions, Inc. operates 13 metal recycling facilities in Virginia, North Carolina, and Ohio through its wholly owned subsidiary, Empire Services, Inc. The company's recycling facilities collect, classify, and process raw scrap metal (ferrous and nonferrous) and implement unique technologies to increase metal processing volumes and operating efficiencies, including a downstream recovery system and cloud-based ERP system.
The company's customers include large corporations, industrial manufacturers, retail customers, and government organizations. Greenwave Technology Solutions, Inc. plans to aggressively expand its footprint of locations by acquiring independent, profitable scrap yards in the coming months. Following these announcements, the company's shares moved 10.32%, and are now trading at a price of $9.465. Check out the company's full 8-K submission here.
