Exhibit 99.2
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of Earliest Event Reported):
| (Exact name of registrant as specified in its charter) |
| (State or other jurisdiction | (Commission | (I.R.S. Employer | ||
| of incorporation) | File Number) | Identification No.) |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s
telephone number, including area code:
N/A
Former name or former address, if changed since last report
Securities registered or to be registered pursuant to Section 12(b) of the Act.
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| N/A |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure
On May 16, 2022, the Company issued a press release on recent corporate developments. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.
Further, the Company has prepared a corporate overview titled “2022 Outlook,” dated May 16, 2022 (the “Corporate Overview”) .. A copy of the Corporate Overview is filed as Exhibit 99.2 hereto and incorporated herein by reference.
The information furnished under this Item 8.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
Item 9.01 Financial Statements and Exhibits.
The following exhibit is furnished as part of this Current Report on Form 8-K:
(d) Exhibits.
| Exhibit No. | Description of Exhibit | |
| 99.1 | Press Release dated May 16, 2022 | |
| 99.2 | Corporate Overview dated May 16, 2022 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GREENWAVE TECHNOLOGY SOLUTIONS, INC. | ||
| May 19, 2022 | By: | /s/ Danny Meeks |
| Name: | Danny Meeks | |
| Title: | Chief Executive Officer | |
Exhibit 99.1
Greenwave Reports Record Revenues of $9.92 Million in Q1 2022
The Company generated positive cashflows from operating activities and
eliminated $44 million in derivative liabilities during the first quarter of 2022
(Norfolk, VA) May 16, 2022 – Greenwave Technology Solutions, Inc. (“Greenwave” or the “Company”) (OTCPink:GWAV) is pleased to report that it generated revenues of $9.92 million during the first quarter of 2022, an increase of 66.91% from the $5.94 million in revenue Empire Services, Inc. (“Empire”) generated in the same period in 2021. Greenwave, through its subsidiary Empire, currently operates 11 metal recycling facilities in Virginia and North Carolina.
The Company generated positive cashflows from operating activities and eliminated $44 million in derivative liabilities, significantly improving its balance sheet and shareholder’s equity. Greenwave’s revenue growth is being driven by robust demand for scrap metal, record high commodity prices, inflationary pressures, the repurposing and implementation of Greenwave’s technology into Empire’s operations, and an expanding footprint of metal recycling facilities.
Greenwave is currently installing a second shredder to process cars, household appliances and industrial products, along with a downstream system to increase its recovery yields of copper, aluminum, brass, steel, and other metals. These systems are expected to come online in the summer of 2022 and double its processing capacity while increasing profit margins.
“As our first quarter financials show, Greenwave is aggressively growing its revenues while responsibly managing our expenditures and cashflows,” stated Danny Meeks, Chief Executive Officer of Greenwave. “The significant investments in equipment and infrastructure we made during the first quarter, along with the planned opening of our 12th location in Fairmont, NC, position Greenwave to continue growing its revenues in the coming quarters. We look forward to updating you on our progress.”
According to a recent Wall Street Journal article, there continues to be robust demand for recycled metals including aluminum, which increased 11% over the past year alone, with approximately 40% of new aluminum supply coming from recycled scrap[1]. Driven by inflationary pressures, depleted inventories, and significant global demand in what many consider to be a “commodities super cycle,” prices for many metal products were already on the rise going into 2022. The Russia-Ukraine conflict has only accelerated this trend, with prices for copper hitting an all-time high of $4.95 per pound on the Comex market on March 4, 2022[2]. Greenwave expects these optimal market conditions for recycled metal products to continue for the foreseeable future.
On May 4, 2022, Greenwave submitted an application to uplist to NASDAQ and it believes it will meet the listing requirements without
any further capital raises. The successful listing of Greenwave’s common stock on a national exchange could result in a significant
increase in institutional interest and liquidity in the market for the Company’s stock. For more information, please see Greenwave’s
2022 Outlook.
[1] https://www.wsj.com/articles/aluminum-makers-seek-old-cans-shredded-cars-to-fuel-new-plants-11648287002
[2] https://www.mining.com/copper-price-hits-all-time-high-on-fears-of-supply-crunches/
[3] https://www.ft.com/content/0269cdda-ef67-43c8-b820-a919c919b5fa
About Greenwave
Greenwave Technology Solutions, Inc., through its wholly owned subsidiary Empire Services, Inc. (“Empire”), is a leading operator of 11 metal recycling facilities in Virginia and North Carolina. At these facilities, Empire collects, classifies, and processes raw scrap metal (ferrous and nonferrous) for recycling. Steel is one of the world’s most recycled products with the ability to be re-melted and recast numerous times while offering significant economic and environmental benefits when compared with virgin materials. For more information, please visit https://www.greenwavetechnologysolutions.com/.
Forward-looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These include, without limitation, statements about its revenue growth, opening of additional locations, and a listing on a senior exchange. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results may differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in our filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Contact Info:
Danny Meeks
757-966-1432
Exhibit 99.2