Nuvve Secures Funding through Convertible Notes and Warrants
Nuvve Secures Vital Funding through Private Placement
Nuvve Holding Corp. (Nasdaq: NVVE), a pioneer in green energy technology, recently announced a significant private placement initiative aimed at enhancing its operations. This venture revolves around the issuance of senior convertible notes and accompanying warrants, reflecting Nuvve's commitment to advancing electric vehicle (EV) technology.
Details of the Private Placement
The company, based in San Diego, entered into an agreement with a selection of accredited investors, leading to the issuance of $3,750,000.01 in principal amount of senior convertible notes. These notes come with a 10% original issue discount, culminating in gross proceeds of approximately $3,375,000 before expenses from this private placement.
Leadership Involvement
Gregory Poilasne, Nuvve's Chief Executive Officer, took an active role by investing $250,000 in this private offering. This move not only demonstrates confidence in the venture but also aligns the leadership's interests with those of the investors.
Key Terms of the Notes
The convertible notes feature an attractive interest rate of 8.0% per annum and are structured with an 18-month maturity. They offer an option for a six-month extension under certain conditions, catering to the financial flexibility that Nuvve might need. Notably, these notes can be converted into a potential total of 1,102,295 shares of Nuvve's common stock, with a conversion price set at $3.402 per share, a 10% discount from the closing price prior to the placement.
Investor Benefits
Investors also have the opportunity to purchase additional notes and warrants up to $12.5 million, further amplifying their stake in Nuvve. Furthermore, the accompanying warrants allow investors to acquire shares of Nuvve's common stock at an exercise price of $3.78 per share, exercisable for up to five years.
Utilization of Funds
The net proceeds from this funding endeavor are earmarked for working capital and broader corporate purposes, which includes accelerating Nuvve's contributions to the clean energy landscape.
Future Registrations and Compliance
Nuvve has committed to filing a registration statement to facilitate the resale of shares that may arise from the conversion of the notes and the exercise of the warrants. This also includes steps to convene a special shareholder meeting to attain approval for the actions tied to these securities, assuring compliance with Nasdaq regulations.
About Nuvve Holding Corp.
Nuvve Holding Corp. (Nasdaq: NVVE) is at the forefront of the electrification movement, particularly within the transportation sector. The company leverages its advanced vehicle-to-grid (V2G) technology to manage energy dynamics efficiently. This technology facilitates the interaction between EV batteries and the power grid, enhancing sustainability and helping to drive the adoption of electric vehicles. Since its inception in 2010, Nuvve has successfully implemented its solutions across various continents, providing essential electrification services to fleets around the globe.
Frequently Asked Questions
What is the purpose of Nuvve's latest funding initiative?
Nuvve aims to strengthen its financial position and enhance its green energy initiatives with the funds raised through the private placement.
How much did Nuvve raise in the private placement?
The company raised approximately $3,375,000 in gross proceeds before expenses from the convertible notes and warrants.
Who participated in the investment?
Nuvve's CEO, Gregory Poilasne, was among the investors, contributing $250,000 to the funding round.
What are the terms of the convertible notes?
The notes carry an 8.0% interest rate, a maturity of 18 months, and a conversion option for up to 1,102,295 shares of common stock.
What will the funds be used for?
Nuvve plans to use the net proceeds for working capital and general corporate purposes, supporting its ongoing operations and growth.
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