Greenwave Technology Solutions, Inc. GWAV shares are trading higher Tuesday following the company's announcement that it acquired real estate for seven of its core metal recycling facilities, a move expected to enhance its financial and strategic position. Here’s what you need to know.
What To Know: The acquisition was completed through a purchase from the company’s CEO Danny Meeks. The strategic initiative is expected to eliminate $1.7 million in annual rent expenses, substantially improve Greenwave’s cash flow and reduce operating costs, providing the company with more financial flexibility.
The acquired facilities are spread across critical locations in Virginia including Norfolk, Virginia Beach and Portsmouth. The sites are strategically important due to their proximity to major infrastructure, including the largest U.S. Naval Base in Norfolk and the Port of Virginia in Portsmouth.
Additionally, the facilities benefit from grandfathered operational licenses that create high barriers to entry in the tightly regulated metal recycling industry, further strengthening Greenwave's competitive advantage.
Greenwave operates 13 metal recycling facilities across Virginia, North Carolina and Ohio, supplying steel mills and industrial companies with ferrous and non-ferrous metals. The company’s operations play a vital role in the recycling supply chain, contributing raw materials for critical infrastructure and national security projects, including U.S. warships.
GWAV Price Action: Greenwave Technology Solutions shares were up 47% at 53 cents at the time of writing, according to Benzinga Pro.
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