Shares of Greenwave Technology Solutions Inc. (NASDAQ: GWAV) fell 2.9% in after-hours trading Wednesday after the company revealed it had been issued a second delinquency notice from Nasdaq concerning delayed filings with the Securities and Exchange Commission.
The notice, sent on May 21 by Nasdaq's Listing Qualifications Department, states Greenwave failed to file its quarterly report on Form 10-Q for the period ended March 31, 2026 by the deadline required under Nasdaq Listing Rule 5250(c)(1). Nasdaq noted that this lapse could provide an additional basis for delisting the company’s securities from the exchange.
This most recent notice follows an earlier delinquency notification that Greenwave received on April 22. That earlier notice related to the company’s failure to file its annual report on Form 10-K for fiscal year 2025. Nasdaq has given the company until June 22 to present a plan explaining how it will return to compliance.
If Nasdaq accepts the company’s compliance plan, the exchange may exercise discretion to grant an exception of up to 180 days from the annual report’s due date - effectively extending the deadline to October 12 - to enable Greenwave to regain compliance with listing requirements.
Greenwave said it intends to submit its compliance plan to Nasdaq on or before the June 22 deadline. The company also stated that it is continuing to work to complete and file both delinquent reports with the SEC.
Nasdaq’s delinquency notices do not automatically change the company’s listing or the ability of investors to trade its securities. Greenwave’s shares remain listed and continue to trade on The Nasdaq Capital Market under the ticker symbol GWAV.
Greenwave operates 13 metal recycling facilities across Virginia, North Carolina, and Ohio through its wholly owned subsidiary, Empire Services, Inc. The facilities are engaged in collecting, classifying, and processing both ferrous and nonferrous scrap metal.
Contextual note - The information above reflects Greenwave’s disclosures regarding Nasdaq notices and the company's stated intentions. The company has acknowledged the delinquent filings and the timeframe set by Nasdaq for resolving the compliance issues.