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Hello Everyone,
We have been profiling some extremely active companies as of late.
Our profiles have seen some volatility and produced some opportunities to look at these companies that have taken some significant swings.
We have another one to look at that is no stranger to big double digit swings.
Pull up GWAV Immediately.
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.
U.S. Steel Turns Down $7.3Bn Offer From Cleveland-Cliffs, Explores Alternatives – Potential Upside For Greenwave Technology Solutions, Inc. (Nasdaq: GWAV)?
Major developments in the steel industry are reshaping the landscape for key players. U.S. Steel, a significant player in the industry, has recently declined a substantial $7.3Bn acquisition offer from Cleveland-Cliffs and is now contemplating competitive proposals from Esmark Inc.
To add to the intrigue, there are rumors of ArcelorMittal SA considering entering the bid for this major steel manufacturer.
Amid this potential industry consolidation, GWAV emerges as a proactive contender, gearing up for an aggressive expansion strategy to meet the escalating demands of leading U.S. steel mills.
GWAV: Paving the Way for Growth in Metal Recycling
GWAV holds a prominent position as an operator of metal recycling facilities across Ohio, Virginia and North Carolina. Their core operations involve the collection, categorization, and processing of raw scrap metal, primarily to supply major steel mills and foundries. What sets Greenwave apart is its relentless pursuit of expansion and infrastructure enhancement, positioning itself as a key player during a potentially transformative phase in the steel industry.
Future Growth Anticipated
GWAV is accelerating its progress toward these goals with the impending launch of a second automotive shredder at its Carrollton facility. This addition will effectively double the metal recycler’s capacity to process ferrous metal. The decision to shred ferrous metal rather than selling it in its unshredded form positions the company to command higher prices, generating an estimated 33% increase in additional revenue compared to unshredded ferrous metal.
In April, GWAV expanded its footprint with the opening of a new facility in Cleveland. Even though it has not yet reached its full volume potential, this location is already generating approximately $100,000 per month in revenue. As operations further ramp up, particularly with the commencement of a shear baler this month, the Cleveland facility is poised to generate $250k or more per month in revenue by next year.
As U.S. Steel explores alternative pathways in a potentially consolidating steel industry, GWAV stands out as a company actively positioning itself to seize new growth opp’s and strengthen its foothold in the ever-evolving world of metal recycling.
Greenwave’s Scrap App
Greenwave recently announced that its wholly-owned subsidiary, Scrap App, launched new AI-powered features to optimize pricing and sales. In a recent press release, Greenwave stated that the company anticipates Scrap App's planned national expansion, coupled with its AI strategy, will accelerate growth.
Greenwave Chairman and CEO Danny Meeks stated "We plan to expand Scrap App to multiple new markets across the United States in the coming weeks. As a technology platform, Scrap App has the ability to scale to new markets with minimal capital investment – we do not have to open a new facility, purchase additional equipment, or significantly expand overhead when we enter a new city. We believe Scrap App has the potential to generate significant, high-margin revenue and create value for Greenwave shareholders."
Greenwave Technology Solutions Further Strengthens its Balance Sheet
Company has improved its balance sheet by $27 million over the past 90 days
Chairman and CEO has converted all $17.22 million of his debt into equity
Company bolsters balance sheet with $5.25 million capital infusion
CHESAPEAKE, Va., April 23, 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 today that on April 22, 2024, it further strengthened its balance sheet by approximately $12 million.
Greenwave Recent Highlights:
- Improved balance sheet by approximately $27 million over the past 90 days
- Chairman and CEO exchanged approximately $17 million of debt into equity
- Intends to utilize additional cash flow to aggressively grow operations
- Anticipates starting operations for its second shredder in May
- Plans to expand its wholly-owned technology platform, ScrapApp.com, into new markets and continue AI development
- Plans to enhance margins of its Downstream Processing System with implementation of new Copper Extraction Technology
- Expects to regain full compliance with all Nasdaq listing standards by the end of May
- Seeks to accelerate efforts in social media, digital marketing and data analytics
- On track to generate record revenues with record volume of steel processed in 2024
Greenwave Technology Solutions Strengthens Balance Sheet by Approximately $14.87 Million
Company Believes it Has Regained Compliance with Nasdaq's Shareholder Equity Requirement
CHESAPEAKE, Va., April 1, 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, today announced that during the first quarter of 2024, it received proceeds from warrant exercises of approximately $2.81 million, converted approximately $2.06 million of third party debt to equity, and exchanged $10 million of related-party debt into equity. As a result of the foregoing, the Company has increased its shareholder's equity by approximately $14.87 million.
The Company believes it has regained compliance with the minimum $2.5 million stockholders' equity requirement and satisfies the minimum $5 million equity requirement for initial listing on The Nasdaq Capital Market.
Further, the Company has secured waivers from its senior secured note holders of the quarterly-cash covenants until September 30, 2024, as well as monthly amortization payments until July 31, 2024. The Company expects to utilize the additional cashflows from restructuring its debt to grow its operations.
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 1, 2024.
READ THE FULL REPORT HERE: https://www.insiderfinancial.com/profile/gwav55
Sincerely,
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