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Jason Adelman, the technology director at Greenwave, invests $66,000 in company stock, according to Investing.com.


Jason Adelman, a director at Greenwave Technology Solutions, Inc. (NASDAQ:GWAV), has recently made significant transactions involving the company’s stock. Adelman acquired 300,000 shares of Greenwave Technology common stock through a restricted stock award and purchased an additional 100,000 shares, increasing his total holdings to 400,000 shares. The purchases come as the micro-cap company, with a market capitalization of $16.61 million, faces a potential Nasdaq delisting threat due to falling share prices.

Greenwave Technology Solutions, Inc. is set to benefit from the 2025 opening of Nucor Corporation’s advanced steelmaking facility, which is expected to increase regional demand for recycled steel. The company, a key supplier of recycled steel in North Carolina, is projected to see a significant shift in revenue sources, with domestic sales forecasted to rise to 75% of revenue in 2025. Greenwave has also reported record revenues for May, with increased processing volumes and rising prices.

To strengthen its financial position, Greenwave raised $15.3 million through a direct offering and private placement and introduced a new series of preferred stock. The company is also exploring a potential reverse stock split to regain compliance with Nasdaq’s listing requirements. CEO Danny Meeks converted $17.22 million of company debt into equity, while Director John Wood resigned from the board.

In addition, Greenwave announced expansion plans, including operating a second shredder and expanding its proprietary technology platform, ScrapApp.com. These recent developments highlight the company’s efforts to navigate challenges and capitalize on growth opportunities in the steel recycling industry.

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