Greenwave Tech Solutions (NASDAQ:GWAV) stock is falling hard on Tuesday after the metal recycling company sent warrant exercise inducement offer letters to holders.
These letters allow holders of its warrants to exercise them for $0.204 per share. In exchange, they get shares of GWAV stock and additional warrants.
The current warrants allow for the purchase of up to 16,147,852 shares of GWAV stock. The warrants that would be issued if those are exercised cover up to 32,295,704 shares of the company’s stock.
In addition to this, the company has received approval from certain Senior Secured Convertible Notes to waive their next four Amortization Amount rights. Instead, those payments will be made at the same time the notes mature.
How This Affects GWAV Stock Today
The exercise price of the warrant talked about above is well below the prior closing price of 37 cents. That explains why shares of GWAV stock are falling closer to the exercise price today.
This also brings with it heavy trading of GWAV stock, with more than 3 million shares traded. That’s a jump over its daily average trading volume of roughly 379,000 shares.
GWAV stock is down 53.2% as of Tuesday morning and was down 37.8% year-to-date when markets closed yesterday.
Investors can find even more of the most recent stock market stories ready to go below!
We have all of the hottest stock market news ready for Tuesday! A few examples include what has shares of Ontrak (NASDAQ:OTRK) and Fusion Pharmaceuticals (NASDAQ:FUSN) stock up today as well as the biggest pre-market stock movers this morning. All of that news is ready to go at the following links!
More Tuesday Stock Market News
- Why Is Ontrak (OTRK) Stock Up 105% Today?
- Why Is Fusion Pharmaceuticals (FUSN) Stock Up 101% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
