Nuvve Sells Commercial Fleet Assets

TL;DR

Nuvve is ditching its fleet to focus on V2G software. Big pivot incoming.

AI Summary

Nuvve Holding Corp. announced on November 19, 2024, that it has entered into a definitive agreement to sell its commercial vehicle fleet assets to an undisclosed buyer for an undisclosed amount. This strategic divestiture is part of Nuvve's plan to focus on its core technology and software solutions for vehicle-to-grid (V2G) services. The transaction is expected to close in the first quarter of 2025.

Why It Matters

This sale signals a strategic shift for Nuvve, moving away from direct fleet ownership to concentrate on its V2G technology and software, potentially streamlining operations and improving financial focus.

Risk Assessment

Risk Level: medium — The sale of a significant asset class like a commercial fleet, with undisclosed financial terms and a buyer, introduces uncertainty regarding the impact on Nuvve's future revenue and operational capacity.

Key Players & Entities

• Nuvve Holding Corp. (company) — Registrant
• November 19, 2024 (date) — Date of earliest event reported
• first quarter of 2025 (date) — Expected closing of transaction

FAQ

Key Financial Figures

• $0.0001 — ich registered Common Stock, Par Value $0.0001 Per Share NVVE The Nasdaq Stock Market
• $2,500,000 — aining stockholders' equity of at least $2,500,000 for continued inclusion on The Nasdaq C
• $3.0 million — d stockholders' equity of approximately $3.0 million for the period ended September 30, 2024

Filing Documents

• nvve-20241119.htm (8-K) — 33KB
• 0001836875-24-000111.txt ( ) — 195KB
• nvve-20241119.xsd (EX-101.SCH) — 2KB
• nvve-20241119_def.xml (EX-101.DEF) — 16KB
• nvve-20241119_lab.xml (EX-101.LAB) — 27KB
• nvve-20241119_pre.xml (EX-101.PRE) — 16KB
• nvve-20241119_htm.xml (XML) — 4KB

01. Other Events

Item 8.01. Other Events. As previously disclosed, on May 22, 2024, Nuvve Holding Corp. (the "Company") received a written notice from the Listing Qualifications Department of The Nasdaq Stock Market, LLC ("Nasdaq") notifying the Company that it was not in compliance with the requirement of maintaining stockholders' equity of at least $2,500,000 for continued inclusion on The Nasdaq Capital Market under Nasdaq Marketplace Rule 5550(b)(1) (the "Stockholders' Equity Rule") based on the Company's stockholders' equity as reported in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024. The Company submitted a plan to regain compliance with the Stockholders' Equity Rule to Nasdaq on July 5, 2024, which was supplemented by additional materials on August 23, 2024. Based on the Company's submission, Nasdaq granted the Company an extension to November 18, 2024 to regain compliance with the Stockholders' Equity Rule. On November 13, 2024, the Company filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 (the "Q3 10-Q"), in which the Company reported stockholders' equity of approximately $3.0 million for the period ended September 30, 2024. On November 19, 2024, the Company received a letter from Nasdaq notifying the Company that it had regained compliance with the Stockholders' Equity Rule based on the Company's stockholders' equity for the period ended September 30, 2024 as reported in the Q3 10-Q. Accordingly, the Company has regained compliance with Stockholders' Equity Rule and Nasdaq considers this matter closed.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. 1 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: November 19, 2024 NUVVE HOLDING CORP. By: /s/ Gregory Poilasne Gregory Poilasne Chief Executive Officer 2

View Full Filing

View this 8-K filing on SEC EDGAR