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Greenwave Technology Shores Up Balance Sheet With Debt-for-Equity Swap, Expects To Process Record Volumes Of Steel And Copper With 2024 Revenues Exceeding $40 Million

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–News Direct–

By Meg Flippin, Benzinga

Greenwave Technology Solutions Inc. (NASDAQ: GWAV), the operator of 13 metal recycling facilities in Virginia, North Carolina and Ohio, is positioning itself for more growth by cleaning up its balance sheet. This includes a recent debt-for-equity exchange, as the Chairman and CEO of the company, Danny Meeks, exchanged all outstanding notes he held into equity demonstrating his confidence in the companys prospects and commitment to its shareholders.

As a follow on to this news, the company reported today that it is expecting to generate revenues exceeding $40 million during the year ended December 31, 2024. Growth is being driven by its Cleveland, OH, and Virginia Beach, VA, locations. The company expects its second American Pulverizer 60×85 shredder will result in the company being EBITDA positive and generating positive cashflows from operating activities.

Greenwave operates in a highly fragmented market it believes is ripe for consolidation. Paying down its debt puts the company in a better position to pursue bolt-on buys and expand its market share.

Under the terms of the debt-for-equity swap, Greenwave exchanged $17.22 million in debt for shares. Of the debt exchange, $10 million was exchanged for shares of Series D Preferred Stock and $7.22 million in debt was exchanged into common stock at $0.1167 per share.

"Over the past several weeks, we have significantly strengthened Greenwave's balance sheet and positioned the company for the next phase of its growth," says Greenwave CEO Danny Meeks. "I believe exchanging my debt into equity further aligns me with all shareholders and reflects the confidence I have in our business and growth strategy."

Demand Driving Growth

Greenwave is in growth mode at a time when demand for recycled steel is increasing as manufacturers look for greener alternatives. Using recycled steel instead of new material can cut CO2 emissions by about 75% as it uses about 70% less energy than manufacturing new materials. As it stands, two out of every three tons of steel produced come from recycling. In 1980, this figure was at just one out of every ten tons produced. It's also a big market. In 2019, the metal recycling industry was valued at $52.1 billion and is projected to reach $76.1 billion by 2025, growing at a CAGR of 7.8% over 2020-2025.

"With a significantly strengthened balance sheet, I believe Greenwave is well positioned for the next phase of growth," stated Greenwave CEO Danny Meeks in todays press release. "The investments we've made in Greenwave's infrastructure will facilitate significant growth in our copper and steel processing capacity, which we anticipate will create significant shareholder value."

In addition to running state-of-the-art metal recycling plants, Greenwave operates Scrap App Inc., a wholly owned subsidiary that created an AI-based quoting system for metal from construction and demolition projects, lists the nearest scrap yards with their real-time pricing and introduced a points-based rewards system. The unit generated over $200,000 in revenue within its first 130 days of operations. Sales have been growing at Greenwave, with the company posting $18.46 million in revenue and $1.23 million in cash flow from operating activities in the six months ended June 30, 2023. For the fourth quarter, revenue of $9 million was up 10% sequentially.

Shoring Up The Balance Sheet

Greenwave has been paying down debt and strengthening its balance sheet for some time now. In the first quarter alone, it received proceeds from warrant exercises of approximately $2.81 million, converted about $2.06 million of third-party debt to equity, closed an equity investment of $5.25 million, and exchanged $17.22 million of related-party debt into equity. As a result of its efforts, Greenwave reports that it increased its shareholders' equity by approximately $27 million. The company also secured waivers from its senior secured noteholders of the quarterly cash covenants until September 30, 2024, as well as monthly amortization payments until July 31, 2024. Extra cash flow from the debt restructuring is going to support growth.

As for the type of buys Greenwave will pursue with its newfound cash, Greenwave says it's focused on scrap yard deals that dont have a lot of dilution or impact on cash flow. It is also committed to not overpaying, aiming to utilize sellers notes as its preferred form of consideration.

Cash is king in the recycled metals market, and Greenwave is shoring up more of it to support its aggressive growth plans. With its financials in order, Greenwave could be well-positioned to meet the rising demand for recycled metal.

Featured photo by Evan Demicoli on Unsplash.

Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.

This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice.

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UVKXE Releases Anti-Scam Guide, Enhancing User Security Protections

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DENVER — Recently, the globally renowned cryptocurrency trading platform UVKXE has published its latest anti-scam guide to address the escalating threats of online scams, establishing a comprehensive protective barrier for users worldwide. The guide focuses on various scamming tactics prevalent in the cryptocurrency sector, highlighting what users should be aware of during transactions and asset management, while also providing effective preventive measures.

Kevin Anderson, CEO of UVKXE, noted: “As the cryptocurrency market continues to expand, more cybercriminals are turning their attention to cryptocurrency users, developing sophisticated scam techniques. As a well-known platform in the cryptocurrency trading field, UVKXE has a responsibility to help users identify and mitigate these potential risks. Through the release of this anti-scam guide, we aim to further enhance user awareness and safeguard their digital asset security.”

The guide outlines the common characteristics of these scams, such as phishing emails that typically use UVKXE or similar official-sounding names, along with forged logos and links, to deceive users into providing their login credentials and sensitive information. It also advises users to always choose official channels when downloading applications to avoid malicious software. Furthermore, UVKXE emphasizes that the platform will never proactively request users to provide sensitive information such as passwords or verification codes in any form.

In addition to the anti-scam guide, UVKXE will launch a series of interactive activities, utilizing community forums and video tutorials to educate users about safety knowledge and help them recognize and respond to potential threats. The UVKXE security team stated that these activities will not only provide real-time updates on scams but also offer users opportunities for direct communication and inquiries.

The investment in technology and education is reflected not only in the publication of the anti-scam guide but also in daily operations and maintenance. Kevin Anderson concluded: “Every protective measure and security technology implemented by UVKXE is designed to ensure the safety of user assets. In the future, we will continue to advance this mission, providing users with safer and more convenient cryptocurrency trading services.”

Media Contact:
Company Name: UVKXE CRYPTO TECH CO.,LTD.
Company website: https://www.uvkxe.co
Contact person’s full name: Mayang
Email id: mayang@uvkxe.co

Disclaimer: This content is provided by sponsor. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

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UVKXE Clarification Statement: A Legally Compliant Trading Platform with International Accreditation

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DENVER — Recently, the Securities Commission Malaysia (SC) published a list on its official website of cryptocurrency trading platforms that have not met its local registration requirements, mentioning UVKXE. UVKXE takes this matter seriously and wishes to clarify its credentials and compliance status to its users.

Global Compliance Credentials of UVKXE

UVKXE is committed to operating under legal and compliant principles, upholding a user-first core value. The platform has obtained several certifications from international authoritative regulatory bodies, including but not limited to:

U.S. MSB License
UVKXE has obtained the MSB license issued by the U.S. FinCEN. This certification represents the highest recognition by the U.S. government for financial service institutions, ensuring that UVKXE can legally conduct cryptocurrency-related business.

U.S. SEC License
As one of the few cryptocurrency trading platforms registered with the U.S. Securities and Exchange Commission (SEC), UVKXE complies with securities and investment-related legal regulations, providing users with a safer and more transparent investment environment.

Background on the Malaysian Public List

The list published by the Securities Commission Malaysia mainly targets trading platforms that have not met local registration requirements, such as Binance and Bursa Malaysia, rather than denying the platform legality. UVKXE has obtained multiple authoritative licenses internationally, and its compliance is beyond doubt. UVKXE is in communication with relevant departments to understand local specific regulations and to advance the registration process, ensuring compliance with local market requirements.

Commitment to Legal Compliance and User-Centric Values

UVKXE will use this event as an opportunity to further enhance its global compliance framework, actively adapting to regulatory environments in various countries, and providing users with more professional and diversified financial services. We sincerely thank all users for their trust and support! UVKXE promises that no matter where it operates, the platform will always adhere to the core philosophy of “user-first”, moving together with global users towards a safer, more open, and transparent new era of the digital economy.

Media Contact:
Company Name: UVKXE CRYPTO TECH CO.,LTD.
Company website: https://www.uvkxe.co
Contact person’s full name: Mayang
Email id: mayang@uvkxe.co

Disclaimer: This content is provided by sponsor. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

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UVKXE Strengthens Security Strategy, Leading Innovations in Anti-Scam Technology for Crypto Platforms

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DENVER — Recently, the globally recognized cryptocurrency trading platform UVKXE officially announced the completion of its latest security system upgrade. This upgrade significantly enhances the cybersecurity defenses of the platform and introduces cutting-edge anti-scam technologies. Through this technological update, UVKXE demonstrates its commitment to user asset security and proactive measures against potential future cyber threats.

Kevin Anderson, CEO of UVKXE, stated: “User trust is the foundation of UVKXE, and ensuring the security of user assets is always our top priority. This security system upgrade incorporates AI deep learning, real-time risk control, and efficient anomaly detection algorithms, aiming to create a safe and trustworthy trading environment for users. We will continue to optimize the security measures for user assets, ensuring that every user can trade confidently on UVKXE.”

The focus of this security system upgrade is primarily on anti-scam technologies. In response to the ever-evolving online threats and scam tactics in recent years, UVKXE has strengthened its multi-layered protective mechanisms, effectively enhancing the security and responsiveness of the system. The upgrade introduces AI-driven anti-scam technology, which intelligently analyzes user behavior through deep learning algorithms, allowing for rapid identification and isolation of suspected scamming activities. The AI anti-scam system can monitor and analyze large volumes of trading data in real time, immediately freezing any suspicious transactions or account activities to safeguard user assets.

Kevin Anderson further explained: “Traditional anti-scam methods often rely on post-event analysis, whereas the new system of UVKXE can identify risks promptly before incidents occur, taking immediate action to prevent losses.”

In terms of anomaly detection, the system of UVKXE combines the transaction histories, asset conditions, login locations, and other multidimensional data of users to accurately pinpoint potential security vulnerabilities. Through anomaly detection technology, each user login and transaction can be monitored in real time, with timely alerts prompting users to confirm actions, further enhancing the security of the platform.

Kevin Anderson concluded: “We hope every user can enjoy a secure trading experience on UVKXE. By continually optimizing our security strategies, we aim to provide a safer and more convenient cryptocurrency trading experience for our users.”

Media Contact:
Company Name: UVKXE CRYPTO TECH CO.,LTD.
Company website: https://www.uvkxe.co
Contact person’s full name: Mayang
Email id: mayang@uvkxe.co

Disclaimer: This content is provided by sponsor. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.

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