Greenwave lifts stock price to regain Nasdaq listing

Chesapeake, Virginia-based Greenwave Technology Solutions Inc., which operates metal recycling facilities under the Empire Recycling name, has received notification from the Nasdaq Stock Market LLC that Greenwave stock is now compliant for continued listing on the Nasdaq exchange.

“Accordingly, the previously announced listing matter has been closed,” says Greenwave, whose Empire Recycling facilities are in Virginia, North Carolina and Ohio.

Greenwave’s listing was threatened when its stock price slipped below 10 cents per share for more than 10 consecutive days.

Late last month, the firm announced a plan to undertake a reverse stock split of its common stock at a par value $0.001 per share at a ratio of 1 postreverse split share for every 150 prereverse split shares.

The company's reverse stock split, which was completed in mid-June, was designed to affect all stockholders uniformly and it would not alter any stockholder’s percentage interest in the company’s equity, except to the extent that the reverse stock split would result in a stockholder owning a fractional share.

On June 13, the company’s stock closed with a value of $1.94 per share. By the end of the day June 18, Greenwave stock had a value of $1.76 per share.

The company has invested in equipment, including two auto shredders, at its Empire Recycling locations, but Greenwave experienced an operating loss of about $19.5 million in 2023.