Nuvve Announces Strategic Reverse Stock Split for Growth

Nuvve Announces Strategic Reverse Stock Split for Growth

Nuvve Holding Corp. (NASDAQ: NVVE), a pioneer in green energy technology, has made a significant announcement regarding its common stock. The company will implement a 1-for-10 reverse stock split aimed at enhancing its market position. This decision is a proactive measure to ensure compliance with Nasdaq's minimum bid price requirement.

Details of the Reverse Stock Split

The reverse stock split will take effect at 5:00 p.m. Eastern Time, with trading on a split-adjusted basis starting the following market day. This means that for every ten shares currently held, shareholders will receive one share. The adjustment will not change the par value of the stock, which remains at $0.0001 per share.

Impact on Shareholders

For existing shareholders, this adjustment will reduce the total number of issued shares from approximately 6.5 million to around 0.7 million shares. However, the total authorized shares will not change, maintaining flexibility for future capital opportunities. Post-split, all fractional shares will be rounded up to the nearest whole share, ensuring that no shareholder is left with a partial share following the split.

Strategic Rationale Behind the Move

This decision comes after a meeting where shareholders voted to provide the Board of Directors discretion to implement a reverse stock split within certain parameters. The move is intended to bolster Nuvve's stock price and secure its continued listing status on the Nasdaq Capital Market.

Broader Benefits for Nuvve

By executing this reverse stock split, Nuvve aims not just for compliance but to instill greater investor confidence. Maintaining a robust stock price can enhance the company's ability to attract investment, thus supporting its growth initiatives and innovation strategies.

About Nuvve Holding Corp.

Nuvve Holding Corp. is at the forefront of electrifying transportation globally, leveraging its cutting-edge vehicle-to-grid (V2G) technology. This intelligent energy platform allows electric vehicle batteries to store and resell excess energy back to the grid, contributing to energy efficiency and sustainability. Since its inception in 2010, Nuvve has successfully rolled out its solutions on five continents, becoming a key player in the transition to clean energy.

Commitment to Clean Energy

Nuvve’s mission extends beyond just technology; it underscores a commitment to reshape energy use in transportation. By making electric vehicles not just consumers but also providers of energy, Nuvve empowers a more resilient and responsive energy grid, benefitting both consumers and the environment.

Looking Ahead

The upcoming reverse stock split positions Nuvve for future growth as it continues to forge partnerships and innovate in the V2G space. Nuvve remains committed to its vision of fostering clean energy transitions and enhancing energy equity. As market dynamics evolve, the company is well-prepared to adapt and thrive.

Frequently Asked Questions

What is the purpose of the reverse stock split?

The reverse stock split aims to enhance Nuvve's stock price to ensure compliance with Nasdaq listing requirements and boost shareholder confidence.

How will the reverse stock split affect my shares?

For every ten shares you currently own, you will receive one share post-split. The total number of shares will decrease significantly, but the par value will remain unchanged.

Will my fractional shares be affected?

No fractional shares will be issued following the split. Any fractional shares resulting from the adjustment will be rounded up to the nearest whole share.

When will the reverse stock split take effect?

The reverse stock split will be effective at 5:00 p.m. Eastern Time, with trading on a split-adjusted basis beginning the next business day.

How can I learn more about my stock ownership after the split?

Nuvve's transfer agent will provide updates regarding stock ownership post-split. Shareholders with questions are encouraged to contact their brokers or the transfer agent for assistance.

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