02:39 PM EDT, 05/23/2024 (MT Newswires) -- Greenwave Technology Solutions ( GWAV ) shares were up more than 11% in recent Thursday trading after the company said late Wednesday it has retired all of its convertible debt and preferred shares.

Since the beginning of 2024, the company said it has eliminated $35.2 million in debt, including $17.2 million of debt held by its chairman and CEO.

Greenwave said it plans to expand its operations in the coming weeks with a significantly strengthened balance sheet, adding that it expects to generate revenue of about $40 million in 2024, driven by processing volumes of steel and copper.

Price: 0.09, Change: +0.01, Percent Change: +11.68