Greenwave Technology Solutions, Inc. (NASDAQ:GWAV), a wholesale metals service provider, announced today the results of a special meeting of stockholders. The meeting, which took place on Friday, resulted in the approval of several key proposals aimed at amending the company's governance and equity incentive structures.
The first proposal approved by the stockholders was an amendment to the company's Amended and Restated By-laws. This amendment decreases the number of shares of common stock required to establish a quorum for stockholder meetings. The motion passed with 485,420,601 votes in favor, 63,099,341 against, and 2,004,437 abstentions.
In addition, stockholders voted in favor of a second proposal to amend Greenwave's 2024 Equity Incentive Plan. The amendment increases the number of shares of common stock available and reserved for issuance under the plan to 3,000,000, subject to certain conditions. The proposal received approval with 386,931,241 votes for, 20,512,961 against, and 38,682,324 abstentions.
The third proposal, which was also approved, concerned the issuance of warrants to purchase up to 3,104,382 shares of common stock and the issuance of shares upon the exercise of such warrants, in accordance with Nasdaq Listing Rule 5635(d). The tally for this proposal showed 349,896,717 votes in favor, 18,998,552 against, and 77,231,257 abstentions.
A fourth proposal to adjourn the special meeting, if necessary, to solicit additional proxies was withdrawn as the stockholders had already approved the preceding proposals.
The amendments to the by-laws and the equity incentive plan are detailed in the exhibits attached to the SEC filing. The adoption of these amendments is a significant step for Greenwave as it adjusts its corporate governance and incentive mechanisms.
This report is based on a press release statement and reflects the voting outcomes of the special meeting held by Greenwave Technology Solutions, Inc.
In other recent news, Greenwave Technology Solutions, Inc. has made several strategic financial maneuvers. The company announced a registered direct offering and concurrent private placement, aiming to raise approximately $15.3 million. The proceeds will be used for debt satisfaction and working capital purposes. Greenwave has also reported record revenues for May 2024, primarily due to increased processing volumes and a surge in copper prices.
In an effort to meet Nasdaq's minimum bid price requirement, Greenwave implemented a reverse stock split at a ratio of 1-for-150. The company's Chairman and CEO, Danny Meeks, converted approximately $17.22 million of debt into company equity, demonstrating his confidence in the future of the company.
These recent developments are part of the company's ongoing efforts to strengthen its financial position and support its business operations. Dawson James Securities, Inc. served as the placement agent for the offering, and Greenwave has committed to filing a registration statement for the resale of the shares underlying the warrants within 20 days following the purchase agreement. These strategic moves are expected to position Greenwave for future growth and success in its market sector.
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