SAN
DIEGO, Sept. 13, 2024 /PRNewswire/ -- Nuvve
Holding Corp. ("Nuvve" or the "Company") (Nasdaq: NVVE), a
green energy technology company that provides a globally-available,
commercial vehicle-to-grid (V2G) technology platform that enables
electric vehicle (EV) batteries to store and resell unused energy
back to the local electric grid and provides other grid services,
today announced that it will effect a 1-for-10 reverse stock split
of its common stock, to be effective as of 5:00 p.m. Eastern Time on Monday, September 16,
2024. Nuvve's common stock will begin trading on a split-adjusted
basis commencing upon market open on Tuesday, September 17, 2024.
Following the reverse stock split, the Company's common stock
will continue to trade on the Nasdaq Capital Market under the
symbol "NVVE" with the new CUSIP number, 67079Y308. The CUSIP
number for the Company's publicly traded warrants will not
change.
At the effective time of the reverse stock split, every 10
shares of Nuvve's issued and outstanding common stock will be
automatically converted into one issued and outstanding share of
common stock without any change in the par value of $0.0001 per share. The reverse stock split will
reduce the number of issued and outstanding shares of the Company's
common stock from approximately 6.5 million shares to approximately
0.7 million shares. The total authorized number of shares will not
be reduced. Proportional adjustments will be made to the number of
shares of common stock issuable upon exercise or vesting of the
Company's outstanding stock options, restricted stock units, and
warrants, as well as the applicable exercise or conversion prices,
and to the number of shares issuable under the Company's equity
incentive plans and other existing agreements. No fractional shares
will be issued in connection with the reverse stock split, and
fractional shares resulting from the reverse stock split will be
rounded up to the nearest whole share.
At the Company's special meeting of stockholders held on
September 9, 2024, the Company's
stockholders voted to approve, among other things, a proposal
granting the Company's Board of Directors the discretion to amend
the Company's certificate of incorporation to effect a reverse
stock split of the Company's common stock at a ratio of not less
than 1-for-2 and not more than 1-for-10. Following the annual
meeting of stockholders, on September 10,
2024, the Company's Board of Directors approved a 1-for-10
reverse stock split. The reverse stock split is intended for Nuvve
to regain compliance with the minimum bid price requirement of
$1.00 per share of common stock for
continued listing on the Nasdaq Capital Market.
Nuvve's transfer agent, Continental Stock Transfer & Trust
Company, will provide information to stockholders regarding their
stock ownership following the reverse stock split. Stockholders
holding their shares in book-entry form or through a bank, broker
or other nominee do not need to take any action in connection with
the reverse stock split. Their accounts will be automatically
adjusted to reflect the number of shares owned. Beneficial holders
are encouraged to contact their bank, broker or other nominee with
any procedural questions.
About Nuvve Holding Corp.
Nuvve Holding Corp. (Nasdaq: NVVE) is leading the
electrification of the planet, beginning with transportation,
through its intelligent energy platform. Combining the world's most
advanced vehicle-to-grid (V2G) technology and an ecosystem of
electrification partners, Nuvve dynamically manages power among
electric vehicle (EV) batteries and the grid to deliver new value
to EV owners, accelerate the adoption of EVs, and support the
world's transition to clean energy. By transforming EVs into mobile
energy storage assets and networking battery capacity to support
shifting energy needs, Nuvve is making the grid more resilient,
enhancing sustainable transportation, and supporting energy equity
in an electrified world. Since its founding in 2010, Nuvve has
successfully deployed V2G on five continents and offers turnkey
electrification solutions for fleets of all types. Nuvve is
headquartered in San Diego,
California, and can be found online at nuvve.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements or
forward-looking information within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of forward-looking terms
such as "may," "will," "expects," "believes," "aims,"
"anticipates," "plans," "looking forward to," "estimates,"
"projects," "assumes," "guides," "targets," "forecasts,"
"continue," "seeks" or the negatives of such terms or other
variations on such terms or comparable terminology, although not
all forward-looking statements contain such identifying words.
Forward-looking statements include, but are not limited to,
statements concerning the expected timing and implementation of the
reverse stock split and the commencement of trading of Nuvve's
post-split common stock and Nuvve's ability to maintain compliance
with Nasdaq's continued listing requirements. Nuvve cautions 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 Nuvve. Such statements are based
upon the current beliefs and expectations of management and are
subject to significant risks and uncertainties that could cause
actual outcomes and results to differ materially. Some of these
risks and uncertainties can be found in Nuvve's most recent Annual
Report on Form 10-K and subsequent periodic reports filed with the
Securities and Exchange Commission (SEC). All forward-looking
statements contained in this press release speak only as of the
date on which they were made and are based on management's
assumptions and estimates as of such date. Nuvve does not undertake
any obligation to publicly update any forward-looking statements,
whether as a result of the receipt of new information, the
occurrence of future events or otherwise except as required by
law.
Nuvve Investor Contact
investorrelations@nuvve.com
+1 (619) 483-3448
Nuvve Press Contacts
press@nuvve.com
+1 (619) 483-3448
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SOURCE Nuvve Holding Corp.