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Greenwave Technology Solutions (NASDAQ:GWAV) stock is currently enduring a harsh downturn, spurred by the metal recycling company’s recent announcement of a direct offering and private placement.
Part of the agreement involved the sale of 45,058,612 shares of GWAV stock at $0.1167 per share to select institutional and accredited investors, with expected gross proceeds of $5,258,340, including warrants for purchasing additional shares.
Furthermore, Greenwave Technology Solutions issued 3,777,777 warrants to financial advisor Dawson James Securities, Inc., each at an exercise price of $0.375 per share, expiring in five years.
GWAV Stock Note Exchange
Simultaneously, the company engaged in a note exchange with DWM Properties LLC, swapping $7,218,350 of its Secured Promissory Note, created on July 31, 2023, for 61,853,899 shares of GWAV stock.
As of Tuesday morning, GWAV stock witnessed a 46.6% drop, with trading volume exceeding 7.7 million shares, significantly surpassing its daily average volume of 2.7 million shares.
For more recent updates from the stock market, consider checking out the latest developments concerning Abeona Therapeutics (NASDAQ:ABEO), Magna (NYSE:MGA), and Pineapple Energy (NASDAQ:PEGY) at the provided links.
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As of the article’s publication date, the author, William White, has no direct or indirect positions in the securities mentioned. The views expressed herein follow the guidelines of InvestorPlace.com Publishing Guidelines.