Greenwave Restructures Senior Secured Debt To Support Growth

(RTTNews) - Greenwave Technology Solutions, Inc. (GWAV) announced a successful restructuring of its senior secured debt to support growth.

The company said that the Senior secured noteholders have agreed to waive quarterly cash covenants until September 30, 2024, along with monthly amortization payments until July 31, 2024.

The company is set to increase its ferrous metal processing capacity by introducing a second automotive shredder, an American Pulverizer 60x85, which will start operations soon. By shredding the steel that is currently sold unshredded, Greenwave anticipates a potential revenue increase of about 30 percent with substantial margins on that steel volume.

The company foresees record revenues driven by the record volume of steel processed in 2024. With the additional cash flows from the debt restructuring, Greenwave plans to aggressively expand its operations.