Greenwave CEO, Danny Meeks, has made a bold move by exchanging a total of $17.22 million in debt into equity for Greenwave Technology Solutions, Inc. This exchange includes $10 million in debt for shares of Series D Preferred Stock and $7.22 million in debt for common stock at $0.1167 per share.
This strategic decision by Meeks has significantly strengthened Greenwave’s balance sheet and positioned the company for future growth. Meeks expressed his confidence in the business and growth strategy by aligning himself with all shareholders through this debt-to-equity exchange.
Greenwave Technology Solutions, through its subsidiary Empire Services, operates 13 metal recycling facilities in Virginia, North Carolina, and Ohio. The company focuses on collecting, classifying, and processing raw scrap metal using innovative technologies to increase efficiency and processing volumes.
Recycling steel has numerous environmental benefits, including reduced energy use, lower CO2 emissions, and conserving natural resources. Greenwave’s customers range from large corporations to government organizations, and the company plans to expand its footprint by acquiring profitable scrap yards in the near future.
This move by CEO Danny Meeks reflects his commitment to the company’s success and growth. With a strong focus on sustainability and innovation, Greenwave Technology Solutions is poised to make a significant impact in the metal recycling industry.