Nuvve Holding issues stock in registered direct offering

Nuvve Holding Corp. (NASDAQ:NVVE), a company specializing in power distribution and specialty transformers with a market capitalization of $2.81 million, has closed a registered direct offering of common stock, resulting in the sale of 108,428 shares at $2.966 per share. This transaction was finalized on Monday, according to the company’s recent SEC filing. According to InvestingPro analysis, the company operates with a significant debt burden and has been quickly burning through cash, making this capital raise particularly significant.

The San Diego-based manufacturer, incorporated in Delaware, originally entered into a securities purchase agreement with certain purchasers on February 7, 2025. The offering, which was concluded on February 10, 2025, was part of the company’s efforts to raise capital through the sale of its common stock. The stock has experienced significant volatility, with the price down over 72% in the past year and currently trading at $3.06, well below its 52-week high of $17.30.

Legal firm Baker & Hostetler LLP provided a legal opinion on the validity of the share issuance, which is included in the exhibits of the SEC Form 8-K filing. The firm’s consent is also documented, underscoring the lawful execution of the offering.

Nuvve Holding Corp., which operates under the trading symbols NVVE for its common stock and NVVEW for its warrants, is listed on The Nasdaq Stock Market LLC. The company has marked its presence in the manufacturing sector under the SIC code 3612, which includes companies involved in power distribution and specialty transformers.

The SEC filing clarified that the current report should not be considered an offer to sell or a solicitation of an offer to buy any shares under the sales agreement. It also noted that there would be no sale of shares in states where such transactions are prohibited without registration or qualification under the respective securities laws.

The company’s CEO, Gregory Poilasne, signed off on the report, reinforcing the administrative procedures adhered to in the filing process. This transaction is part of Nuvve Holding Corp.’s broader financial strategy, as indicated by the recent activities outlined in the SEC filing.

Investors and interested parties can refer to the SEC Form 8-K filing for detailed information on the transaction, which includes financial statements and exhibits detailing the terms of the offering and the legal opinion provided by Baker & Hostetler LLP.

In other recent news, Nuvve Holding Corp has seen a flurry of financial activity. The San Diego-based company successfully closed a registered direct offering of its common stock, selling 105,000 shares at $2.65 each, resulting in a capital infusion. This strategic move was validated by Baker & Hostetler LLP, ensuring compliance with applicable securities laws.

Nuvve also entered into a Task Order Agreement with Resource Innovations and ComEd to investigate the potential of bidirectional charging using electric school buses. This project, set to deploy in 2025, will bring Nuvve an estimated $0.6 million in professional service revenues while assessing the integration of vehicle-to-grid (V2G) technology into clean transportation efforts.

The company has also made amendments to a key agreement extending a crucial stockholder meeting deadline. The extension allows Nuvve more time to secure stockholder approval for issuing shares exceeding 19.99% of its outstanding common stock.

In a significant development, Nuvve has ended its License and Escrow Agreements with Switch (NYSE:SWCH) EV Ltd. As part of the termination conditions, Switch EV Ltd. has agreed to make a one-time payment of $600,000 to Nuvve, with the possibility of an additional lump-sum payment of $400,000 under certain conditions.

Finally, Nuvve has announced a new strategy to diversify its treasury by allocating up to 30% of its excess cash towards Bitcoin purchases. This move is part of Nuvve’s broader mission to promote grid electrification and innovation, and to enable Bitcoin as a payment method for its customers and suppliers. These are the recent developments for Nuvve Holding Corp.

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