SAN
DIEGO, Oct. 12, 2023 /PRNewswire/ -- Nuvve
Holding Corp. ("Nuvve" or "the Company") (Nasdaq: NVVE), a
global leader in vehicle-to-grid technology and deployments,
announced today that it has received a 180 calendar day extension,
until April 8, 2024, from the Nasdaq
Stock Market ("Nasdaq"), to regain compliance with Nasdaq
Marketplace Rule 5550(a)(2) (the "Bid Price Rule").
The Bid Price Rule stipulates that the bid price of Nuvve's
common stock must close at $1.00 per
share or more for a minimum of 10 consecutive business days. On
April 14, 2023, Nuvve received notice
from Nasdaq that based on the previous 30 consecutive business
days, Nuvve's listed security no longer met the minimum
$1.00 bid price per share
requirement.
Nuvve will continue to monitor the closing bid price of its
common stock and plans to pursue available options to regain
compliance with the Bid Price Rule, including potentially pursuing
a reverse stock split. If Nuvve authorizes a reverse stock split,
it will plan to effectuate the split no later than ten business
days prior to the end of the extension in order to timely regain
compliance.
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, nuvve.com.
Nuvve Investor Contact
ICR
nuvve@icrinc.com | +1 646-200-8872
Nuvve Press Contact
(W)right On Communications
Larry Smalheiser |
lsmalheiser@wrightoncomm.com | +1 925-413-3137
Nuvve 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, including the remediation of identified
material weaknesses in internal control over financial reporting
relating to segregation of duties with respect to, and access
controls to, its financial record keeping system, and Nuvve's
accounting staffing levels; (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) risks related to disruption of management time
from ongoing business operations due to our joint ventures; (xiii)
risks relating to privacy and data protection laws, privacy or data
breaches, or the loss of data; (xiv) the possibility that Nuvve may
be adversely affected by other economic, business, and/or
competitive factors; (xv) risks related to the benefits expected
from the $1.2 trillion dollar
infrastructure bill passed by the U.S. House of Representatives
(H.R. 3684); (xvi) risks related to investment strategies and
third-party partnerships; (xvii) Nuvve's identification and
evaluation of business opportunities and its ability to capitalize
on such opportunities, capture market share, or to expand its
presence in certain markets; and (xviii) Nuvve's ability to
continue to grow its business, as well as other risks described in
this Annual Report on Form 10-K and other factors described from
time to time in our filings with the SEC. 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, 2023, 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.
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SOURCE Nuvve Holding Corp.