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Nuvve Holding Corp. (NASDAQ:NVVE), a vehicle-to-grid technology company with a market capitalization of $4.86 million, announced it has sold its minority stake in Dreev SAS to its joint venture partner, EDF Développement Environnement SA, according to a statement released in a Securities and Exchange Commission filing. According to InvestingPro analysis, the company has been facing significant financial challenges, with its stock price declining over 94% in the past year.
On October 8, Nuvve entered into a share purchase agreement with EDF and Dreev, selling its approximately 4.65% equity interest in Dreev. In exchange, EDF agreed to pay Nuvve a lump sum of €800,000. Dreev, established in 2019 as a joint venture between Nuvve and EDF, focuses on vehicle-to-grid (V2G) operations in France, the United Kingdom, Belgium, Italy, and Germany. With a current ratio of 0.66, InvestingPro data indicates the company’s short-term obligations exceed its liquid assets, making this cash injection particularly significant. Discover more insights about Nuvve’s financial health and 15+ additional ProTips with an InvestingPro subscription.
Alongside the sale, Nuvve, EDF, and Dreev entered into a software cross-license agreement. Under this agreement, Nuvve granted Dreev an exclusive, fully paid-up, non-transferable, and non-sublicensable license to use certain Nuvve software in the specified territories. In return, Dreev granted Nuvve a similar license to use certain Dreev software. The agreement commenced on October 8 and will remain in effect for the duration of the longest applicable intellectual property rights.
The parties also executed a patents assignment and intellectual property rights (IPR) license agreement. Under this arrangement, Dreev assigned certain patents and know-how back to Nuvve, while Nuvve granted Dreev an exclusive, fully paid-up, transferable, and sublicensable license to use these patents in the designated territories for V2G-related services. Nuvve agreed not to use the assigned patents in these regions for the term of the license.
Both the cross-license and patents assignment agreements allow for termination if a material breach is not cured within three months, following six months’ prior written notice. These new agreements supersede all previous related arrangements between the parties.
The information is based on a press release statement included in Nuvve’s SEC filing.
In other recent news, Nuvve Holding Corp. has received shareholder approval for a reverse stock split proposal. The board of directors now has the authority to implement the split at a ratio ranging from 1-for-2 to 1-for-40, with the exact ratio and timing to be determined later. Additionally, Nuvve has secured a second contract with Sourcewell to enhance fleet electrification for over 75,000 public agencies, allowing these entities to access Nuvve’s charging infrastructure directly. Meanwhile, Nuvve has assigned a $400,000 receivable to its CEO and CFO in exchange for a cash payment of $266,000, stemming from a previous agreement with Switch EV Ltd. The company is also appealing a Nasdaq delisting notice, which it received due to non-compliance with minimum bid price and stockholders’ equity requirements. The appeal process involves a hearing before the Nasdaq Hearings Panel. These developments highlight ongoing strategic and financial maneuvers by Nuvve as it navigates various challenges and opportunities.
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