Greenwave Technology Exchanges $10M Secured Note for Series D Preferred Stock, Regains Nasdaq Equity Compliance

Greenwave Technology Solutions, Inc.

Exchanged $10,000,000 principal of secured promissory note with DWM Properties LLC for Series D Convertible Preferred Stock convertible at $0.204 per share.
Issued 27,544,788 inducement warrants and received $2,809,568 from warrant exercises between March 18-26, 2024.
Converted $2,066,740 of convertible debt into 10,864,690 common shares from January 1 to March 20, 2024.
Regained compliance with Nasdaq minimum $2.5 million stockholders' equity requirement; equity exceeds $5 million as of filing.
Nasdaq will continue to monitor compliance; failure in next periodic report may lead to delisting.

item 1.01 item 3.02 item 3.03 item 5.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Greenwave Technology Solutions, Inc.: Filed Certificate of Designations for Series D Convertible Preferred Stock, creating a new series of preferred stock (effective 2024-03-29).

Change: charter amendment
Effective: 2024-03-29

Exact text from the filing

On March 29, 2024, in connection with the Exchange Agreement, the Company filed the Certificate of Designations for the Series D Convertible Preferred Stock with the Secretary of State of the State of Delaware, creating a series of One Thousand (1,000) shares of preferred stock designated as Series D Convertible Preferred Stock (the “Series D”), with each Series D share with a par value of $0.001.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Greenwave Technology Solutions, Inc. entered into exchange agreement with DWM Properties LLC valued at $10,000,000 (effective 2024-03-29).

Action: entry
Agreement: equity purchase
Counterparty: DWM Properties LLC
Value: $10,000,000
Effective: 2024-03-29

Exact text from the filing

On March 29, 2024, Greenwave Technology Solutions, Inc., a Delaware corporation (the “Company”), entered into an exchange agreement with DWM Properties LLC (the “Holder”), whereby the Company and Holder agreed to exchange $10,000,000 of that certain Secured Promissory Note, dated July 31, 2023, issued by the Company to the Holder for shares of the Company’s newly created Series D Convertible Preferred Stock (the “Preferred Stock”).

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259 governance changes filed in the last 30 days. Browse all governance changes →

Greenwave Technology Solutions, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-012754

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