Greenwave Technology sells 2.51M shares at $1.27 in registered direct offering

Greenwave Technology Solutions 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 $3.2M, 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, 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, with 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, subject to the satisfaction of customary closing conditions.