NEW YORK, March 17, 2021 /PRNewswire/ -- Newborn
Acquisition Corp. ("Newborn") (Nasdaq: NBAC), a publicly traded
special purpose acquisition company, today announced its
shareholders have voted to approve the previously announced
business combination with Nuvve Corporation ("Nuvve"), a
global leader in vehicle-to-grid (V2G) technology driving the
electrification of transportation. The business combination and all
related proposals were approved by Newborn shareholders at an
extraordinary general meeting on March 17,
2021 (Hong Kong time).
The closing is expected to occur in the next few days. Upon
completion of the business combination, the Nasdaq ticker symbols
for the shares of common stock and the warrants of the combined
company, which will be named Nuvve Holdings Corp., are expected to
be changed to "NVVE" and "NVVEW," respectively.
About Nuvve Corporation
Nuvve Corporation is a
San Diego-based green energy
technology company whose mission is to lower the cost of electric
vehicle ownership while supporting the integration of renewable
energy sources, including solar and wind. Our proprietary
vehicle-to-grid (V2G) technology – Nuvve's Grid Integrated Vehicle
(GIVe™) platform – is refueling the next generation of electric
vehicle fleets through cutting-edge, bidirectional charging
solutions. Since our founding in 2010, Nuvve has been responsible
for successful V2G projects on five continents and is deploying
commercial services worldwide.
Nuvve Press Contact
Marc Trahand, EVP Marketing
marc@nuvve.com
+1 858 250 9740
Nuvve Investor Contact
Lytham Partners
Robert Blum or Joe Dorame
nuvve@lythampartners.com
+1 602 889 9700
About Newborn Acquisition Corp.
Newborn Acquisition Corp. is a blank check company, holding
approximately $57.5 million in its
trust account, formed for the purpose of effecting a merger, share
exchange, asset acquisition, share purchase, reorganization or
similar business combination with one or more businesses.
Forward Looking Statements
The information in this press release includes "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements, other than statements of
present or historical fact included in this presentation, regarding
the proposed business combination between Newborn and Nuvve and
Nuvve's strategy, future operations, estimated and projected
financial performance, prospects, plans and objectives are
forward-looking statements. When used in this press release, the
words "could," "should," "will," "may," "believe," "anticipate,"
"intend," "estimate," "expect," "project," the negative of such
terms and other similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain such identifying words. These forward-looking
statements are based on management's current expectations and
assumptions about future events and are based on currently
available information as to the outcome and timing of future
events. Except as otherwise required by applicable law, Newborn and
Nuvve disclaim any duty to update any forward-looking statements,
all of which are expressly qualified by the statements in this
section, to reflect events or circumstances after the date of this
press release. Newborn and Nuvve caution you that these
forward-looking statements are subject to numerous risks and
uncertainties, most of which are difficult to predict and many of
which are beyond the control of either Newborn or Nuvve. In
addition, Newborn cautions you that the forward-looking statements
contained in this press release are subject to the following
factors: (i) the occurrence of any event, change or other
circumstances that could delay the business combination or give
rise to the termination of the agreements related thereto; (ii) the
outcome of any legal proceedings that may be instituted against
Newborn or Nuvve following the consummation of the transactions;
(iii) the inability to complete the business combination due to the
failure to satisfy the conditions to closing in the merger
agreement; (iv) the risk that the proposed business combination
disrupts Nuvve's current plans and operations as a result of the
announcement of the transactions; (v) Nuvve's ability to realize
the anticipated benefits of the business combination, which may be
affected by, among other things, competition and the ability of
Nuvve to grow and manage growth profitably following the business
combination; (vi) costs related to the business combination; (vii)
risks related to the rollout of Nuvve's business and the timing of
expected business milestones; (viii) Nuvve's dependence on
widespread acceptance and adoption of electric vehicles and
increased installation of charging stations; (ix) Nuvve's ability
to maintain effective internal controls over financial reporting,
including the remediation of identified material weaknesses in
internal control over financial reporting relating to segregation
of duties with respect to, and access controls to, its financial
record keeping system, and Nuvve's accounting staffing levels; (x)
Nuvve's current dependence on sales of charging stations for most
of its revenues; (xi) overall demand for electric vehicle charging
and the potential for reduced demand if governmental rebates, tax
credits and other financial incentives are reduced, modified or
eliminated or governmental mandates to increase the use of electric
vehicles or decrease the use of vehicles powered by fossil fuels,
either directly or indirectly through mandated limits on carbon
emissions, are reduced, modified or eliminated; (xii) potential
adverse effects on Nuvve's revenue and gross margins if customers
increasingly claim clean energy credits and, as a result, they are
no longer available to be claimed by Nuvve; (xiii) the effects of
competition on Nuvve's future business; (xiv) risks related to
Nuvve's dependence on its intellectual property and the risk that
Nuvve's technology could have undetected defects or errors; (xv)
changes in applicable laws or regulations; (xvi) the COVID-19
pandemic and its effect directly on Nuvve and the economy
generally; (xvii) risks related to disruption of management time
from ongoing business operations due to the proposed business
combination; (xvii) risks relating to privacy and data
protection laws, privacy or data breaches, or the loss of data; and
(xix) the possibility that Nuvve may be adversely affected by other
economic, business, and/or competitive factors. Should one or more
of the risks or uncertainties described in this press release
materialize or should underlying assumptions prove incorrect,
actual results and plans could differ materially from those
expressed in any forward-looking statements. Additional information
concerning these and other factors that may impact the operations
and projections discussed herein can be found in the proxy
statement/prospectus filed by Newborn and Nuvve Holding with the
SEC and in the other reports that Newborn has filed and will file
from time to time with the SEC, including its Annual Report on Form
10-K for the fiscal year ended December 31,
2019. Newborn's and Nuvve Holding's SEC filings are
available publicly on the SEC's website at www.sec.gov.
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SOURCE Nuvve Corporation; Newborn Acquisition Corp.
