SAN
DIEGO, Jan. 18, 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-40 reverse stock split
of its common stock, to be effective as of 5:00 p.m. Eastern Time on Friday, January 19,
2024. Nuvve's common stock will begin trading on a split-adjusted
basis commencing upon market open on Monday,
January 22, 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, 67079Y209. The CUSIP
number for the Company's publicly traded warrants will not
change.
At the effective time of the reverse stock split, every 40
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 49.9 million shares to
approximately 1.3 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.
As previously disclosed, at a special meeting of stockholders
held on January 5, 2024, the
Company's stockholders voted to approve 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-40. Following the special meeting of stockholders,
on January 5, 2024, the Company's
Board of Directors approved a 1-for-40 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 a global leader in
vehicle-to-grid (V2G) technology serving the mission-critical needs
of commercial fleets. The company's intelligent, cloud-based
software, Nuvve GIVe™, is a platform that transforms electric
fleets into mobile storage resources allowing them to contribute,
and not just consume, electricity. It enables a flexible suite of
V2G, charge management and grid services that provide electric grid
resilience while also generating recurring revenues to offset fleet
operation costs. Committed to accelerating the planet's transition
to a net-zero future, Nuvve is securing fleet electrification
partners across the e-mobility and grid value chain and supports
active deployments around the world with 18.3 megawatts currently
under management. Nuvve is headquartered in San Diego, Calif., USA. To learn more about
the value of V2G, futureproofing EV infrastructure and using EVs
for grid resilience, visit 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
(W)right On Communications,
Larry Smalheiser
lsmalheiser@wrightoncomm.com
925-413-3137
Joele Frank, Wilkinson Brimmer
Katcher
Leigh Parrish / Aaron Palash / Carly
King
212-355-4449
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SOURCE Nuvve Holding Corp.