Greenwave Technology Solutions Inc (OTCMKTS:MSRT) Stock Moves Up 10% In a Week: But Why

Following a major announcement from the company on Wednesday, it is likely that the Greenwave Technology Solutions Inc (OTCMKTS:MSRT) stock is going to continue to be on the radars of investors today. It should be noted that the Greenwave stock has been a notable mover over the course of the past week and has managed to clock gains of as much as 10%.

Trading Data

On Wednesday, MSRT stock moved up 1.10% at $0.0564 with more than 1.33 million shares, compared to its average volume of 1.89 million shares. The stock has moved within a range of $0.0505 – 0.0564 after opening trade at $0.0505.

Greenwave Announces $37.7 Million Private Placement

Yesterday, the company announced that it had finally completed a private placement worth as much as $37.7 million. In this placement, the participants were accredited investors, existing shareholders, the company’s chairman and institutions.

It was a significant capital raise for Greenwave and it is going to be interesting to see if its stock continues on its upward move today. The company announced yesterday that it was going to use the proceeds from the private placement for the redemption of all of its Series Y and Series X preferred shares.

However, that is not all. The money is also going to be used for the purpose of retiring debts that had existed prior to the private placement and also for bringing about revenue growth. It might now be a good time to add the stock to your watch lists.

Key Quote

“We are at an inflection point in Greenwave’s growth and this offering positions the Company to rapidly roll-up independent, profitable metal recycling facilities in the coming months,” stated Danny Meeks, Chief Executive Officer of Greenwave.

Technical Data

MSRT stock is trading above the 20-Day and 50-Day Moving averages of $0.0547 and $0.0547 respectively. However, the stock is trading above the 200-Day moving average of $0.0427. The stock is down 9% in the past month.