Greenwave Technology Solutions, Inc. (NASDAQ:GWAV) shares are trading lower Monday after the stock began trading on a split-adjusted basis following a 1-for-150 reverse stock split.
The Details:
Greenwave Technology announced the reverse stock split last week and shares began trading on a split-adjusted basis on Monday. The reverse stock split reduced the number of shares outstanding from 1,132,490,847 shares, the number of shares outstanding on May 31, to approximately 7,549,939 shares on June 3.
Greenwave said the reverse stock split was intended to increase the per-share trading price of its common stock to enable the company to regain compliance with the minimum bid price requirement for continued listing on The Nasdaq Capital Market.
The company announced on May 22 that it had retired all of its convertible debt and preferred shares and has eliminated $35.2 million in debt since the beginning of 2024.
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How To Buy GWAV Stock:
By now you're likely curious about how to participate in the market for Greenwave Technology Solutions – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stocks, like Berkshire Hathaway, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.
In the the case of Greenwave Technology, which is trading at $4.23 as of publishing time, $100 would buy you 23.64 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
GWAV Price Action: According to Benzinga Pro, Greenwave Technology shares are down 27% at $4.24 at the time of publication Monday.
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