Greenwave Technology (NASDAQ: GWAV) stock fell during intraday trading Thursday after the company announced it had eliminated all convertible debt.
Greenwave Technology (GWAV) has made a significant stride toward financial stability by announcing the retirement of all its convertible debt and preferred shares. The company reports a substantial debt reduction, having eliminated $35.2 million since the start of 2024, including $17.2 million held by the Company’s Chairman and CEO.
With a substantially improved balance sheet, Greenwave Technology is poised for expansion in the upcoming weeks. The company’s strategic agenda includes expanding its wholly-owned technology platform, ScrapApp.com, into new markets, alongside continued development in artificial intelligence (AI). Additionally, Greenwave intends to implement new Copper Extraction Technology to improve the margins of its Downstream Processing System.
Furthermore, the company aims to ramp up its presence in social media, digital marketing, and data analytics, leveraging these avenues to augment brand visibility, customer engagement, and market penetration.
Greenwave is also on track to regain full compliance with all Nasdaq listing standards by the end of May, signaling its commitment to upholding regulatory requirements and maintaining its status as a publicly listed company.
Looking ahead, Greenwave anticipates robust revenue generation in 2024, targeting approximately $40 million in revenue driven by increased processing volumes of steel and copper.
Greenwave Technology (NASDAQ: GWAV) Stock Reaction
On Thursday, GWAV stock surged 12.44%, closing at $0.09, marking a 40.18% decrease for the week. The trading volume was 1,400,946,816 shares, significantly higher than the average daily volume of 145.72 million.
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