Greenwave Technology announces director resignation

Greenwave Technology Solutions, Inc. (NASDAQ:GWAV), a micro-cap company with a market capitalization of $7.76 million and current stock price of $0.33, has reported the resignation of Director Henry Sicignano III from its Board of Directors, effective today. Sicignano's departure from the board is not due to any disputes or disagreements with the company, as stated in the filing.

Sicignano, who also served as Chairman of the Audit Committee and was a member of the Compensation Committee and Nominating and Corporate Governance Committee, has not publicly disclosed his reasons for resigning. The company has not yet announced a successor or provided details on plans to fill the vacancy on the board.

Greenwave Technology Solutions, a Delaware-incorporated company headquartered in Chesapeake, VA, operates within the metals service centers and offices industry. The company's common stock is traded on the NASDAQ Capital Market under the ticker symbol GWAV.

The information regarding the board change comes from a Form 8-K filed with the Securities and Exchange Commission (SEC) today. The SEC filing is a standard means for publicly traded companies to announce significant changes and events that shareholders should be aware of.

As of now, Greenwave Technology Solutions has not released any additional statements regarding the future direction of the board or its committees following Sicignano's resignation. Shareholders and the market await further announcements from the company on how this change will be addressed.

In other recent news, Greenwave Technology Solutions, Inc. has been active in a series of strategic moves. The company has announced a registered direct offering and concurrent private placement, expecting to raise approximately $7 million. The proceeds are intended for debt satisfaction and working capital purposes. Concurrently, Greenwave has expanded its Scrap App platform into 27 new markets, leveraging artificial intelligence to improve operational efficiency in the auto recycling industry.

In response to the recent implementation of tariffs on imported steel, aluminum, and copper, Greenwave has raised its revenue projections for fiscal year 2025 to $47-50 million. The company expects this growth to be driven by increased demand for domestically-sourced materials. In another development, Greenwave has secured an exclusive contract to become the sole scrap metal recycling service provider for Virginia Beach, Virginia, which is expected to generate over $500,000 in annual revenues.

Lastly, Greenwave has announced a $4 million push into rare earth metals, a critical component for renewable energy and advanced technology applications. This move is part of the company's strategy to reinforce its position in the rare earth metals market. These are recent developments for Greenwave Technology Solutions, Inc., as the company continues to make strategic moves in its operations.

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