Greenwave Technology Solutions (NASDAQ:GWAV) stock is taking a beating on Tuesday after the metal recycling company announced a direct offering and private placement.
Greenwave Technology Solutions has entered into a securities purchase agreement with certain institutional and accredited investors. This has it selling 45,058,612 shares of GWAV stock for $0.1167 each.
The direct offering has Greenwave Technology Solutions expecting gross proceeds of $5,258,340 alongside its private placement. It’s also worth mentioning that each share sold comes with one warrant for another share of GWAV stock. The warrants have an exercise price of 30 cents per share and expire in five years.
In addition to this, Greenwave Technology Solutions has issued warrants for 3,777,777 to financial advisor Dawson James Securities, Inc. These warrants also expire after five years but have an exercise price of $0.375 per share.
GWAV Stock Note Exchange
At this same time, Greenwave Technology Solutions reached a note exchange agreement with DWM Properties LLC. This covers the remaining $7,218,350 of its Secured Promissory Note, dated July 31, 2023. It exchanged that for 61,853,899 shares of GWAV stock.
GWAV stock is down 46.6% as of Tuesday morning, with more than 7.7 million shares traded. That’s well above its daily average trading volume of about 2.7 million shares.
Investors can find more of the most recent stock market stories ready to go below!
We have all of the latest stock market news available on Tuesday! That includes everything happening with shares of Abeona Therapeutics (NASDAQ:ABEO) stock, Magna (NYSE:MGA) stock and Pineapple Energy (NASDAQ:PEGY) stock today. You can catch up on all of these matters at the following links!
More Stock Market News for Tuesday
- Why Is Abeona Therapeutics (ABEO) Stock Down 45% Today?
- Trade of the Day: Buy Magna (MGA) Stock to Profit From EV Sector Fallout
- Why Is Pineapple Energy (PEGY) Stock Up 44% Today?
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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.
