Greenwave Technology Solutions, Inc.

From time to time, we may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. We investigate these claims as they arise and accrue estimates for resolution of legal and other contingencies when losses are probable and estimable. Regardless of outcome, litigation can have an adverse impact on us due to defense and settlement costs, diversion of management resources, negative publicity and reputational harm, and other factors. Except as set forth below, we are currently not aware of any such legal proceedings or claims that will have, individually or in the aggregate, a material adverse effect on our business, financial condition or operating results.

On October 25, 2024, Arena Special Opportunities Fund, LP and related entities ("Arena") filed a lawsuit against the Company in New York State Court (Index No. 655660/2024) (the "Action"), arising from promissory notes previously issued to Arena and their conversion into the Company's common stock. The complaint alleges, among other things, breach of contract based on an alleged "equity conditions failure." Discovery in the Action is complete, and the Company expects the matter to be resolved through trial or settlement by the end of 2026. The Company believes it has meritorious defenses and intends to vigorously defend the Action. At this time the Company is unable to predict the outcome or to reasonably estimate the amount or range of any possible loss, and accordingly no liability has been recorded.

We are unable to estimate a reasonably possible loss or range of loss, if any, that may result from these matters.