Greenwave Technology Solutions Inc. (NASDAQ:GWAV) shares gained 16.57% to $5.10 after the bell on Wednesday following the disclosure of an insider trade.
According to a Wednesday Securities and Exchange Commission filing, CEO Danny Meeks, through his wholly owned entity DWM Properties LLC, acquired 2,152,853 shares of Greenwave common stock on Aug. 27 at $3.716 per share. The total transaction was valued at approximately $8 million.
Debt Settlement, Not a Cash Purchase
The shares weren’t bought with cash. They were issued to satisfy an outstanding note and other receivables owed to DWM and Meeks, under an Exchange Agreement dated Aug. 24, the filing states.
Following the transaction, Meeks now beneficially owns 2,188,354 shares.
The insider filing follows Tuesday’s filing, which disclosed that Greenwave entered into a private placement with five institutional investors earlier this week. The company sold 3,750 shares of Series B Convertible Preferred Stock for approximately $3.75 million in gross proceeds. The preferred shares can be converted into about 715,649 common shares at $5.24 per share. The proceeds will be used for working capital.
Trading Metrics, Technical Analysis
The Virginia-based metal recycling and sustainable technology company has a market capitalization of $13.05 million, a 52-week high of $24 and a 52-week low of $2.39.
The Relative Strength Index (RSI) of GWAV stands at 49.92.
The stock has fallen 30.78% over the past 12 months.
GWAV is currently positioned near the lower end of its 52-week range.
Price Action: The stock closed the regular session on Wednesday at $4.38, down 15.87%, according to Benzinga Pro data.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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