Investor Conference Call to be Held Today at
5:00 PM Eastern Time (2:00 PM PT)
SAN
DIEGO, Nov. 14, 2022 /PRNewswire/ -- Nuvve
Holding Corp. (Nuvve) (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
provided a third quarter 2022 update.
Third Quarter
Highlights
- Partnered with San Diego Gas & Electric to provide energy
back to the grid during emergency load reduction events; began
participating in this service in the Cajon Valley Union School
District in San Diego, where six
high capacity chargers were commissioned
- Partnered with Vistra to assist school districts access
available grant funding from both federal and state agencies;
leveraged Vistra relationships to secure rebate awards for
districts in Texas in the first
round of the EPA's Clean School Bus Program funding
allocations
- Reduced cash operating costs in third quarter on a sequential
basis to $7.8 million versus
$8.3 million in the second
quarter
- Megawatts under management increased to 16.3 megawatts as of
September 30, 2022 from 16.1; backlog
increased to $4.2 million from
$3.9 million
- Cash and cash equivalents of $21.6
million as of September 30,
2022
Management Discussion
Gregory Poilasne, chairman and chief executive officer of Nuvve,
said, "During the third quarter, Nuvve made important strides in
expanding its partnerships with energy operators. This was
evidenced by our agreement with San Diego Gas & Electric to
pair our V2G platform with their Emergency Load Reduction Program
("ELRP"), and our partnership with Vistra Corp. to assist school
districts access available grant funding. Our grant writing team
focused intensely on working with school districts to submit
applications for a portion of the nearly $1 billion in funding available through the EPA's
Clean School Bus Program in 2022. As the only charging station
provider to submit grants, we are proud to have secured awards on
behalf of several school districts in October. We believe
orders for Nuvve will start to flow through in the coming months
from our partners as well as from additional school districts that
we did not represent in the grant writing process.
As we look ahead, we continue to see an electric school bus
market that is negatively impacted by supply chain disruptions
and inflation, with both factors impacting our third quarter
results, along with what we think were some transitory issues
related to partners awaiting the EPA's grants allocations. The
benefits offered by our V2G technology go beyond the electric
school bus market and in the words of California Governor Gavin Newsom, 'vehicle-to-grid capacity is a
game changer.' As such, we remain in advanced discussions
with potential customers for programs across a variety of market
types. As we mature as a public company, and against a challenged
economic environment, we are focused on taking steps to be more
efficient with our spending. This was evident in our results in the
third quarter, and we will continue to take prudent steps to adapt
to today's incredibly dynamic economic and market backdrop."
2022 Third Quarter Financial
Review
Total revenue was $0.6 million for
the three months ended September 30, 2022, compared to
$1.2 million for the three months
ended September 30, 2021, a decrease of $0.6 million, or 52.4%. The decrease was
primarily attributed to a $0.2
million decrease in products and services revenue, and a
decrease in grants of $0.4 million.
Products and services revenue for the three months ended
September 30, 2022 consisted of sales DC and AC Chargers of
about $0.3 million, grid services
revenue of $0.16 million, and
engineering services of $0.05
million.
Cost of products and services revenue for the three months ended
September 30, 2022, decreased by $0.11
million to $0.3 million, and
margin was flat at 43.3% compared to the same prior year period.
Margin was mostly impacted by a higher mix of hardware charging
stations sales offset by a lower mix of engineering services in the
current quarter.
Selling, general and administrative expenses consist of selling,
marketing, advertising, payroll, administrative, finance, and
professional expenses. Selling, general and administrative expenses
were $7.2 million for the three
months ended September 30, 2022, as compared to $6.6
million for the three months ended September 30, 2021, an
increase of $0.6 million, or
8.5%. The increases during the three months ended
September 30, 2022 was primarily attributable to increases in
compensation expenses of $0.4
million, including share-based compensation, rent expenses
related to the main corporate office and warehouse of $0.2 million, legal expenses of $0.2 million, and software subscriptions expenses
of $0.4 million, partially offset by
a decrease in governance and other public company costs of
$0.4 million. Expenses resulting from
the consolidation of Levo's activities during the three months
ended September 30, 2022 contributed $0.1 million to the increase in selling, general
and administrative expenses.
Research and development expenses increased by $0.1 million, or 5.7%, from $1.6 million for the three months ended
September 30, 2021 to $1.7
million for the three months ended September 30, 2022.
The increase was primarily attributable to an increase in
compensation expenses and subcontractor expenses used to
advance Nuvve's platform functionality and integration with more
vehicles.
Other income (expense) consists primarily of interest expense,
impairment of deferred finance costs, change in fair value of
private warrants liability and derivative liability, and other
income (expense). Other income (expense) decreased by $0.2 million from $0.48
million of other income for the three months ended
September 30, 2021 to $0.3
million in other income for the three months ended
September 30, 2022. The decrease during the three months ended
September 30, 2022 was primarily attributable to the change in
fair value of the private warrants liability and derivative
liability.
Net loss includes the net loss attributable to Stonepeak and
Evolve, the holders of non-controlling interests in Levo, on our
condensed consolidated statements of operations.
Net loss increased by $1.4
million, or 19.7%, from $7.0
million for the three months ended September 30, 2021
to $8.3 million for the three months
ended September 30, 2022. The increase in net loss was
primarily due to a decrease in revenue of $0.6 million, an increase in operating expenses
of $0.5 million and an increase in
other expense of $0.2 million for the
aforementioned reasons.
Net Loss Attributable to Non-Controlling
Interest
Net loss attributable to non-controlling interest was
$0.2 million for the three
months ended September 30, 2022.
Net loss is allocated to non-controlling interests in proportion
to the relative ownership interests of the holders of
non-controlling interests in Levo, an entity formed by us with
Stonepeak and Evolve. We own 51% of Levo's common units and
Stonepeak and Evolve own 49% of Levo's common units. We have
determined that Levo is a variable interest entities in which we
are the primary beneficiary. Accordingly, we consolidate Levo and
record a non-controlling interest for the share of the Levo owned
by Stonepeak and Evolve during the three months ended
September 30, 2022.
Conference Call Details
The Company will hold a conference call to review its financial
results for the third quarter of 2022, along with other company
developments, at 5:00 PM Eastern
Time (2:00 PM PT) today
Monday, November 14, 2022.
To participate, please register for and listen via a live
webcast, which is available in the 'Events' section of Nuvve's
investor relations website at https://investors.nuvve.com/. In
addition, a replay of the call will be made available for future
access.
About Nuvve Holding Corp.
Nuvve Holding Corp. (Nasdaq: NVVE) has developed a proprietary
vehicle-to-grid (V2G) technology, including its Grid Integrated
Vehicle ("GIVe™") cloud-based software platform, that enables it to
link multiple electric vehicle ("EV") batteries into a virtual
power plant to provide bi-directional energy to the electrical grid
in a qualified and secure manner.. Combining the world's most
advanced 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. With products designed to transform EVs into
mobile energy storage assets and networking battery capacity to
support shifting energy needs, Nuvve is working toward 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.
Nuvve and associated logos are among the trademarks of Nuvve
and/or its affiliates in the United
States, certain other countries and/or the EU. Any other
trademarks or trade names mentioned are the property of their
respective owners.
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 press release,
regarding 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,
Nuvve disclaims 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. 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. In addition, Nuvve cautions you that the
forward-looking statements contained in this press release are
subject to the following factors: (i) risks related to the rollout
of Nuvve's business and the timing of expected business milestones;
(ii) Nuvve's dependence on widespread acceptance and adoption of
electric vehicles and increased installation of charging stations;
(iii) Nuvve's ability to maintain effective internal controls over
financial reporting (iv) Nuvve's current dependence on sales of
charging stations for most of its revenues; (v) 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; (vi) potential adverse effects on Nuvve's backlog,
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; (vii) the effects of competition on Nuvve's
future business; (viii) risks related to Nuvve's dependence on its
intellectual property and the risk that Nuvve's technology could
have undetected defects or errors; (ix) the risk that we conduct a
portion of our operations through a joint venture exposes us to
risks and uncertainties, many of which are outside of our control;
(x) that our joint venture with Levo Mobility LLC may fail to
generate the expected financial results, and the return may be
insufficient to justify our investment of effort and/or funds; (xi)
changes in applicable laws or regulations; (xii) the COVID-19
pandemic and its effect directly on Nuvve and the economy
generally; (xiii) risks related to disruption of management time
from ongoing business operations due to our joint ventures; (xiv)
risks relating to privacy and data protection laws, privacy or data
breaches, or the loss of data; (xv) the possibility that Nuvve may
be adversely affected by other economic, business, and/or
competitive factors, including increased inflation and interest
rates, current market conditions, and the Russia-Ukraine war; (xvi) risks related to not
achieving the benefits expected from the Infrastructure Investment
and Jobs Act; (xvii) the risk that the Company will not be able to
reach definitive agreements parties after an MOU has been signed;
(xviii) supply chain disruptions; and (xiv) Nuvve's investments in
its third-party partnerships, and the extent to which these
partnerships impact Nuvve's business and performance and enable it
to manage any growth it may experience in future periods. 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
Annual Report on Form 10-K filed by Nuvve with the Securities and
Exchange Commission (SEC) on March 31,
2022, and in the other reports that Nuvve has, and will file
from time to time with the SEC. Nuvve's SEC filings are available
publicly on the SEC's website at www.sec.gov.
Use of Projections
This press release contains projected financial information with
respect to Nuvve. Such projected financial information constitutes
forward-looking information, and is for illustrative purposes only
and should not be relied upon as necessarily being indicative of
future results. The assumptions and estimates underlying such
financial forecast information are inherently uncertain and are
subject to a wide variety of significant business, economic,
competitive and other risks and uncertainties. See "Forward-Looking
Statements" above. Actual results may differ materially from the
results contemplated by the financial forecast information
contained in this press release, and the inclusion of such
information in this press release should not be regarded as a
representation by any person that the results reflected in such
forecasts will be achieved.
Trademarks
This press release contains trademarks, service marks, trade
names and copyrights of Nuvve and other companies, which are the
property of their respective owners.
Nuvve Investor Contact
ICR Inc.
nuvve@icrinc.com
+1 (646) 200-8872
FINANCIAL TABLES FOLLOW
|
NUVVE HOLDING CORP.
AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
|
September 30,
2022
|
|
December 31,
2021
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash
|
$
21,635,356
|
|
$
32,360,520
|
Restricted
cash
|
480,000
|
|
380,000
|
Accounts receivable,
net
|
1,063,903
|
|
1,886,708
|
Inventories
|
11,767,996
|
|
11,118,188
|
Prepaid expenses and
other current assets
|
2,947,014
|
|
1,036,645
|
Total Current
Assets
|
37,894,269
|
|
46,782,061
|
Property and equipment,
net
|
591,257
|
|
356,194
|
Intangible assets,
net
|
1,376,499
|
|
1,481,077
|
Investments
|
1,670,951
|
|
670,951
|
Right-of-use operating
lease assets
|
5,418,912
|
|
3,483,042
|
Deferred financing
costs
|
—
|
|
43,562,847
|
Financing
receivables
|
238,624
|
|
138,161
|
Security deposit,
long-term
|
8,682
|
|
3,057
|
Total
Assets
|
$
47,199,194
|
|
$
96,477,390
|
|
|
|
|
Liabilities,
Mezzanine Equity and Stockholders' Equity
|
|
|
|
Current
Liabilities
|
|
|
|
Accounts
payable
|
$
1,664,685
|
|
$
5,738,873
|
Accrued
expenses
|
3,436,815
|
|
2,874,018
|
Deferred
revenue
|
1,014,152
|
|
719,771
|
Operating lease
liabilities - current
|
708,441
|
|
41,513
|
Other
liabilities
|
107,198
|
|
110,574
|
Total Current
Liabilities
|
6,931,291
|
|
9,484,749
|
|
|
|
|
Operating lease
liabilities - noncurrent
|
5,225,555
|
|
3,441,642
|
Warrants
liability
|
12,000
|
|
866,000
|
Derivative liability -
non-controlling redeemable preferred shares
|
531,257
|
|
511,948
|
Other long-term
liabilities
|
13,013
|
|
18,860
|
Total
Liabilities
|
12,713,116
|
|
14,323,199
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
Mezzanine
equity
|
|
|
|
Redeemable
non-controlling interests, preferred shares, zero par value,
1,000,000 shares authorized, 3,138
shares issued and outstanding at September 30, 2022 and
December 31, 2021; aggregate liquidation
preference of $3,396,672 and $3,200,760 at September 30,
2022 and December 31, 2021, respectively
|
3,369,827
|
|
2,885,427
|
Class D Incentive
units, zero par value, 1,000,000 units authorized, 250,000 units
issued and outstanding at
September 30, 2022
|
293,165
|
|
—
|
Stockholders'
Equity
|
|
|
|
Preferred stock,
$0.0001 par value, 1,000,000 shares authorized; zero shares
issued and outstanding at
September 30, 2022 and December 31, 2021,
respectively
|
—
|
|
—
|
Common stock, $0.0001
par value, 100,000,000 shares authorized; 22,897,935 and
18,861,130 shares issued
and outstanding at September 30, 2022 and December 31,
2021, respectively
|
2,292
|
|
1,888
|
Additional paid-in
capital
|
150,247,403
|
|
127,138,504
|
Accumulated other
comprehensive income
|
12,149
|
|
113,446
|
Accumulated
deficit
|
(115,805,023)
|
|
(47,412,470)
|
Nuvve Stockholders'
Equity
|
34,456,821
|
|
79,841,368
|
Non-controlling
interests
|
(3,633,735)
|
|
(572,604)
|
Total Stockholders'
Equity
|
30,823,086
|
|
79,268,764
|
Total Liabilities,
Mezzanine equity and Stockholders' Equity
|
$
47,199,194
|
|
$
96,477,390
|
NUVVE HOLDING CORP.
AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Revenue
|
|
|
|
|
|
|
|
Products and
services
|
$
487,818
|
|
$
682,900
|
|
$
3,809,631
|
|
$
1,761,319
|
Grants
|
65,869
|
|
480,104
|
|
416,816
|
|
1,182,047
|
Total
revenue
|
553,687
|
|
1,163,004
|
|
4,226,447
|
|
2,943,366
|
Operating
expenses
|
|
|
|
|
|
|
|
Cost of product and
service revenue
|
276,485
|
|
387,582
|
|
3,453,393
|
|
877,468
|
Selling, general, and
administrative
|
7,163,673
|
|
6,599,490
|
|
22,925,745
|
|
16,352,021
|
Research and
development
|
1,715,821
|
|
1,622,608
|
|
6,021,535
|
|
4,574,803
|
Total operating
expenses
|
9,155,979
|
|
8,609,680
|
|
32,400,673
|
|
21,804,292
|
|
|
|
|
|
|
|
|
Operating
loss
|
(8,602,292)
|
|
(7,446,676)
|
|
(28,174,226)
|
|
(18,860,926)
|
Other income
(expense)
|
|
|
|
|
|
|
|
Interest income
(expense)
|
39,150
|
|
3,220
|
|
47,553
|
|
(592,345)
|
Write-off of deferred
financing costs
|
—
|
|
—
|
|
(43,562,847)
|
|
—
|
Change in fair value
of warrants liability
|
170,000
|
|
557,000
|
|
854,000
|
|
627,228
|
Change in fair value of
derivative liability
|
(40,245)
|
|
(12,179)
|
|
(19,309)
|
|
(12,179)
|
Other, net
|
89,222
|
|
(69,647)
|
|
81,455
|
|
321,914
|
Total other income
(expense), net
|
258,127
|
|
478,394
|
|
(42,599,148)
|
|
344,618
|
Loss before
taxes
|
(8,344,165)
|
|
(6,968,282)
|
|
(70,773,374)
|
|
(18,516,308)
|
Income tax
expense
|
—
|
|
—
|
|
—
|
|
1,000
|
Net loss
|
$
(8,344,165)
|
|
$
(6,968,282)
|
|
$
(70,773,374)
|
|
$
(18,517,308)
|
Less: Net loss
attributable to non-controlling interests
|
(168,985)
|
|
(130,837)
|
|
(2,380,821)
|
|
(130,837)
|
Net loss attributable
to Nuvve Holding Corp.
|
$
(8,175,180)
|
|
$
(6,837,445)
|
|
$
(68,392,553)
|
|
$
(18,386,471)
|
Less: Preferred
dividends on redeemable non-controlling interests
|
66,601
|
|
39,096
|
|
195,912
|
|
39,096
|
Less: Accretion on
redeemable non-controlling interests preferred shares
|
161,466
|
|
100,039
|
|
484,398
|
|
100,039
|
Net loss attributable
to Nuvve common stockholders
|
$
(8,403,247)
|
|
$
(6,976,580)
|
|
$
(69,072,863)
|
|
$
(18,525,606)
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to Nuvve common stockholders, basic
and diluted
|
$
(0.38)
|
|
$
(0.37)
|
|
$
(3.46)
|
|
$
(1.16)
|
|
|
|
|
|
|
|
|
Weighted-average
shares used in computing net loss per share
attributable to Nuvve common stockholders, basic and
diluted
|
21,952,882
|
|
18,627,978
|
|
19,972,016
|
|
15,931,466
|
NUVVE HOLDING CORP
AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net loss
|
$
(8,344,165)
|
|
$
(6,968,282)
|
|
$
(70,773,374)
|
|
$
(18,517,308)
|
Other comprehensive
(loss) income, net of taxes
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments, net of taxes
|
$
(61,299)
|
|
$
51,179
|
|
$
(101,297)
|
|
$
147,782
|
Total Comprehensive
loss
|
$
(8,405,464)
|
|
$
(6,917,103)
|
|
$
(70,874,671)
|
|
$
(18,369,526)
|
Less: Comprehensive
loss attributable to non-controlling interests
|
$
(168,985)
|
|
$
(130,837)
|
|
$
(2,380,821)
|
|
$
(130,837)
|
Comprehensive loss
attributable to Nuvve Holding Corp.
|
$
(8,236,479)
|
|
$
(6,786,266)
|
|
$
(68,493,850)
|
|
$
(18,238,689)
|
Less: Preferred
dividends on redeemable non-controlling interests
|
$
(66,601)
|
|
$
(39,096)
|
|
$
(195,912)
|
|
$
39,096
|
Less: Accretion on
redeemable non-controlling interests preferred shares
|
(161,466)
|
|
(100,039)
|
|
(484,398)
|
|
(100,039)
|
Comprehensive loss
attributable to Nuvve common stockholders
|
$
(8,008,412)
|
|
$
(6,647,131)
|
|
$
(67,813,540)
|
|
$
(18,099,554)
|
NUVVE HOLDING CORP.
AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
Nine Months Ended
September 30,
|
|
2022
|
|
2021
|
Operating
activities
|
|
|
|
Net loss
|
$
(70,773,374)
|
|
$
(18,517,308)
|
Adjustments to
reconcile to net loss to net cash used in operating
activities
|
|
|
|
Depreciation and
amortization
|
211,220
|
|
122,352
|
Stock-based
compensation
|
4,487,003
|
|
2,690,081
|
Write-off of deferred
financing costs
|
43,562,847
|
|
—
|
Beneficial conversion
feature on convertible debenture
|
—
|
|
427,796
|
Accretion of discount
on convertible debenture
|
—
|
|
116,147
|
Change in fair value
of warrants liability
|
(854,000)
|
|
(627,228)
|
Change in fair value
of derivative liability
|
19,309
|
|
—
|
Loss on disposal of
asset
|
—
|
|
1,349
|
Gain on extinguishment
of PPP Loan
|
—
|
|
(492,100)
|
Noncash lease
expense
|
336,903
|
|
2,141
|
Change in operating
assets and liabilities
|
|
|
|
Accounts
receivable
|
818,758
|
|
(99,963)
|
Inventory
|
(649,809)
|
|
(5,126,698)
|
Prepaid expenses and
other assets
|
(2,040,485)
|
|
(4,062,202)
|
Accounts
payable
|
(4,070,611)
|
|
(240,200)
|
Accrued
expenses
|
443,491
|
|
2,260,833
|
Deferred
revenue
|
324,660
|
|
66,493
|
Net cash used in
operating activities
|
(28,184,088)
|
|
(23,478,507)
|
Investing
activities
|
|
|
|
Proceeds from sale of
property and equipment
|
—
|
|
7,784
|
Purchase of property
and equipment
|
(349,182)
|
|
—
|
Investments
|
(1,000,000)
|
|
—
|
Net cash (used)
provided in investing activities
|
(1,349,182)
|
|
7,784
|
Financing
activities
|
|
|
|
Deposit with
Newborn
|
—
|
|
—
|
Proceeds from Newborn
Escrow Account
|
—
|
|
58,184,461
|
Redemption of Newborn
shares
|
—
|
|
(18,629)
|
Issuance costs related
to reverse recapitalization and PIPE offering
|
—
|
|
(3,970,657)
|
Proceeds from PIPE
offering
|
—
|
|
14,250,000
|
Repayment of Newborn
sponsor loans
|
—
|
|
(487,500)
|
Repurchase of common
stock from EDF
|
—
|
|
(6,000,000)
|
Newborn cash
acquired
|
—
|
|
50,206
|
Purchase of stock from
investor
|
—
|
|
(2,000,000)
|
Payment of financing
costs
|
—
|
|
(1,000,000)
|
Proceeds from forward
option put exercise
|
1,994,073
|
|
—
|
Proceeds from exercise
of pre-funded warrants related to Direct Offering
|
58
|
|
—
|
Proceeds from Direct
Offering of common stock, net of offering costs
|
13,069,815
|
|
—
|
Proceeds from common
stock offering, net of offering costs
|
3,763,494
|
|
—
|
Payment of finance
lease obligations
|
(7,396)
|
|
(4,613)
|
Proceeds from exercise
of stock options
|
209,280
|
|
18,325
|
Issuance of Preferred
Stock
|
—
|
|
3,138,000
|
Net cash provided in
financing activities
|
19,029,324
|
|
62,159,593
|
Effect of exchange rate
on cash
|
(121,218)
|
|
150,547
|
Net (decrease)
increase in cash and restricted cash
|
(10,625,164)
|
|
38,839,417
|
Cash and restricted
cash at beginning of year
|
32,740,520
|
|
2,275,895
|
Cash and restricted
cash at end of period
|
$
22,115,356
|
|
$
41,115,312
|
|
|
|
|
|
|
|
|
|
|
|
|
NUVVE HOLDING CORP.
AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
|
(Unaudited)
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
2022
|
|
2021
|
Supplemental
Disclosure of Noncash Financing Activity
|
|
|
|
Conversion of preferred
stock to common stock
|
$
—
|
|
$
1,679
|
Conversion of debenture
and accrued interest to common shares
|
$
—
|
|
$
3,999,435
|
Conversion of shares
due to reverse recapitalization
|
$
—
|
|
$
3,383
|
Issuance of common
stock for merger success fee
|
$
—
|
|
$
2,085,299
|
Non-cash merger
transaction costs
|
$
—
|
|
$
2,085,299
|
Accrued transaction
costs related to reverse recapitalization
|
$
—
|
|
$
189,434
|
Issuance of private
warrants
|
$
—
|
|
$
1,253,228
|
Forgiveness of PPP
Loan
|
$
—
|
|
$
492,100
|
Issuance of Stonepeak
and Evolve warrants
|
$
—
|
|
$
30,234,000
|
Issuance of Stonepeak
and Evolve options
|
$
—
|
|
$
12,584,000
|
Transfer of Inventory
to property and equipment
|
$
87,095
|
|
$
—
|
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SOURCE Nuvve Holding Corp.