Greenwave asks for SEC filing extension

Chesapeake, Virginia-based metals recycling firm Greenwave Technology Solutions Inc. has filed a Form 12-b-25 with the Securities and Exchange Commission (SEC) requesting permission to release its fourth-quarter and full-year 2024 financial results during a 15-day extension period that runs until mid-April.

The company, which operates about a dozen metals recycling facilities in the Carolinas, Virginia and Ohio under the Empire Metals name, indicates on the request form that is “unable to file its Annual Report on Form 10-K for its year ended Dec. 31, 2024, by the prescribed date without unreasonable effort or expense.”

On the same form, Greenwave answers “no” to the question, “Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?”

The publicly traded firm with a listing on the Nasdaq exchange has struggled to turn a profit in any of its financial quarters. The company has received two delisting warnings from Nasdaq and staved off being delisted after receiving the first one by engaging in a 100-to-1 reverse stock split.

The condition that caused the first warning—a share price of consistently below $1—is again facing Greenwave. At the close of the market on April 1, the firm’s stock was trading at below 24 cents per share.

Greenwave and its CEO Danny Meeks have sounded an optimistic note in early 2025, with the firm announcing on March 10 that its margins “have expanded significantly due to surging prices for scrap steel—already up 20 percent since early February and expected to go higher—ahead of steel and aluminum import tariffs taking effect on March 12, 2025.”

Around the same time, a Greenwave press release promoted Meeks’ appearance on ABC-TV’s “Good Morning America” program, where he mentioned the potential for tariffs to assist the American metals sector.

In that news release, Greenwave indicated it supplies a Nucor Corp. steelmaking facility with steel used in several applications, including United States Navy warships.

“Greenwave is routinely awarded contracts by the U.S. federal government, major corporations and municipalities that provide Greenwave a significant, consistent supply channel of high-quality scrap metal,” stated the company, adding that it operates “the sole metal recycling facility in Virginia Beach—directly across the street from [the] U.S. Navy's East Coast Master Jet Base.”

Several consecutive earnings statements filed by Greenwave with the SEC, including its most recent covering the first nine months of 2024, have included a sentence indicating certain of its conditions “raise substantial doubt about the company’s ability to continue as a going concern for one year from the issuance of the unaudited condensed consolidated financial statements.”

As of Sept. 30, 2024, Greenwave described itself as having more than $15 million in cash and working capital of more than $6.7 million. However, it also listed an “accumulated deficit” as of more than $475 million.