SAN DIEGO, CA - Nuvve Holding Corp., a company specializing in power distribution and specialty transformers, announced today that it has regained compliance with the Nasdaq's minimum bid price requirement. The company, which trades under the ticker NVVE on the Nasdaq Capital Market, had previously received notification from Nasdaq on March 27, 2024, regarding its stock price falling below the $1.00 minimum bid price per share.
The Nasdaq Listing Rule 5550(a)(2) mandates that companies maintain a minimum bid price of $1.00 per share. Upon receiving the initial notice, Nuvve was granted a 180-day period to meet this requirement. According to a letter received from Nasdaq on Monday, Nuvve's common stock has closed at $1.00 per share or higher for 10 consecutive business days from September 17, 2024, to September 30, 2024.
The company's CEO, Gregory Poilasne, signed off on the SEC filing, confirming the regained compliance. This development follows the company's efforts to stabilize its stock performance and maintain its listing on the Nasdaq Capital Market. With this issue resolved, Nasdaq has closed the matter, and Nuvve Holding Corp. is now in good standing with the exchange's listing requirements.
Investors and market watchers have noted this positive development for the San Diego-based manufacturer, which operates under the industrial classification of Power, Distribution & Specialty Transformers. Nuvve's business address remains at 2488 Historic Decatur Road, Suite 200, San Diego, CA.
The information regarding Nuvve's compliance status is based on the company's latest 8-K filing with the Securities and Exchange Commission.
In other recent news, Nuvve Holding Corp. reported a decline in Q2 2024 revenue to $802,000 from $2.12 million in the same period of the previous year. Despite this, the company saw improved margins due to better pricing on hardware sales and a higher mix of service and grant revenues. Nuvve also issued convertible promissory notes totaling $500,000 to its CEO, Gregory Poilasne, and CFO, David Robson, as part of managing its financial obligations.
In terms of corporate actions, Nuvve recently implemented a 1-for-10 reverse stock split, reducing its issued and outstanding common shares from approximately 6.5 million to nearly 0.7 million. This strategic move was approved by Nuvve's shareholders and board of directors.
The company has been active in forging partnerships, such as a joint venture with WISE EV-LLC, named Deep Impact 1 LLC, to enhance its electric vehicle (EV) charging infrastructure. Nuvve has also partnered with Las Cruces Public Schools to deploy advanced charging stations and introduce Vehicle-to-Grid (V2G) capable DC Fast Chargers and Nuvve Level II PowerPorts.
Nuvve also recently showcased its latest AC V2G solutions at an event hosted by Exelon (NASDAQ:EXC). The demonstration featured Nuvve's 3-phase PowerPort3 Ultra chargers and its GIVe™ aggregator software, highlighting the company's compliance with safety and regulatory standards. These are the recent developments at Nuvve Holding Corp.
InvestingPro Insights
While Nuvve Holding Corp. (NVVE) has successfully regained compliance with Nasdaq's minimum bid price requirement, recent InvestingPro data reveals ongoing challenges for the company. As of the last twelve months ending Q2 2024, NVVE reported revenue of $5.94 million, with a modest growth of 4.65%. However, the company's operating income stands at -$28.94 million, indicating significant operational losses.
InvestingPro Tips highlight that NVVE is "quickly burning through cash" and "not profitable over the last twelve months." These factors may have contributed to the stock's recent volatility and price decline, with a one-year price total return of -96.18% as of the latest data.
Despite these challenges, analysts anticipate sales growth in the current year, which could potentially help improve the company's financial position. Investors should note that NVVE's stock "generally trades with high price volatility," which aligns with the recent fluctuations that led to the Nasdaq compliance issue.
For a more comprehensive analysis, InvestingPro offers 14 additional tips for NVVE, providing deeper insights into the company's financial health and market performance.
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