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CHESAPEAKE, VA - Greenwave Technology Solutions, Inc. (NASDAQ:GWAV), a metal recycling operator with facilities across Virginia, North Carolina, and Ohio, with a market capitalization of $11.3 million and annual revenue of $33.3 million, announced Tuesday it received an additional delinquency notice from Nasdaq on August 22 due to its failure to file its quarterly report for the period ended June 30, 2025.
The notice indicates the company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic financial reports with the SEC. This marks the second such notification for Greenwave, following a previous notice on May 30 regarding its delayed first-quarter report.
Nasdaq has requested an update to Greenwave’s compliance plan by September 8, particularly regarding its timeline for filing the second-quarter report. The company had previously submitted a plan to file its Q1 report by August 22, which Nasdaq had approved.
Despite these compliance issues, Greenwave’s securities will continue trading on the Nasdaq Capital Market under the symbol GWAV without immediate effect on its listing status. However, the company noted that the additional delinquency could serve as another basis for potential delisting.
Greenwave operates 13 metal recycling facilities across three states, processing both ferrous and nonferrous scrap metal. The company’s current ratio of 0.36 indicates potential liquidity challenges, with short-term obligations exceeding liquid assets. The company stated it is working to complete and file the delayed reports "as soon as practicable" to regain compliance with Nasdaq requirements, according to the press release statement.
In other recent news, Greenwave Technology Solutions announced a 1-for-110 reverse stock split of its common stock, which will take effect on August 22, 2025. The company’s shares will trade on a split-adjusted basis starting August 25, 2025, while retaining its NASDAQ ticker symbol. Additionally, Greenwave Technology Solutions has scheduled its 2025 annual meeting of stockholders for August 13, 2025. The board of directors set July 17, 2025, as the record date to determine stockholder eligibility for the meeting. The company plans to release further details about the meeting in its upcoming proxy statement.
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