Greenwave Technology waives conversion prohibition on $15M senior notes, enabling conversion at low stock prices

Greenwave Technology Solutions, Inc.

On May 9, 2024, Greenwave and investors signed a Waiver Agreement removing the Conversion Prohibition from the March 2024 consent.
The March consent had barred conversion of senior notes if the 3-day average closing price was below $0.25, effective until May 20, 2024.
The waiver allows immediate conversion of the ~$15M senior secured convertible notes even at stock prices below $0.25.
Potential dilution from conversion could further pressure GWAV stock, already trading near $0.20 range.
The original $15M notes were issued in August 2023 under a Purchase Agreement with institutional investors.

Key facts

Extracted from this filing and checked against the source text.

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

Greenwave Technology Solutions, Inc. amended Waiver Agreement with certain institutional investors (effective 2024-05-09).

Action: amendment
Counterparty: certain institutional investors
Effective: 2024-05-09

Exact text from the filing

On May 9, 2024, the Company and the Investors entered into a Waiver Agreement (the “Waiver Agreement”), pursuant to which the Company and the Investors decided to waive the Conversion Prohibition in the March Consent and Waiver.

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Greenwave Technology Solutions, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-018511

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