Nuvve Holding (NVVE) Announces 1:10 Reverse Share Split

Nuvve Holding Corp. (Nasdaq: NVVE), a green energy technology company that provides a globally-available, commercial vehicle-to-grid (V2G) technology platform that enables electric vehicle (EV) batteries to store and resell unused energy back to the local electric grid and provides other grid services, today announced that it will effect a 1-for-10 reverse stock split of its common stock, to be effective as of 5:00 p.m. Eastern Time on Monday, September 16, 2024. Nuvve's common stock will begin trading on a split-adjusted basis commencing upon market open on Tuesday, September 17, 2024.

Following the reverse stock split, the Company's common stock will continue to trade on the Nasdaq Capital Market under the symbol "NVVE" with the new CUSIP number, 67079Y308. The CUSIP number for the Company's publicly traded warrants will not change.

At the effective time of the reverse stock split, every 10 shares of Nuvve's issued and outstanding common stock will be automatically converted into one issued and outstanding share of common stock without any change in the par value of $0.0001 per share. The reverse stock split will reduce the number of issued and outstanding shares of the Company's common stock from approximately 6.5 million shares to approximately 0.7 million shares. The total authorized number of shares will not be reduced. Proportional adjustments will be made to the number of shares of common stock issuable upon exercise or vesting of the Company's outstanding stock options, restricted stock units, and warrants, as well as the applicable exercise or conversion prices, and to the number of shares issuable under the Company's equity incentive plans and other existing agreements. No fractional shares will be issued in connection with the reverse stock split, and fractional shares resulting from the reverse stock split will be rounded up to the nearest whole share.

At the Company's special meeting of stockholders held on September 9, 2024, the Company's stockholders voted to approve, among other things, a proposal granting the Company's Board of Directors the discretion to amend the Company's certificate of incorporation to effect a reverse stock split of the Company's common stock at a ratio of not less than 1-for-2 and not more than 1-for-10. Following the annual meeting of stockholders, on September 10, 2024, the Company's Board of Directors approved a 1-for-10 reverse stock split. The reverse stock split is intended for Nuvve to regain compliance with the minimum bid price requirement of $1.00 per share of common stock for continued listing on the Nasdaq Capital Market.

Nuvve's transfer agent, Continental Stock Transfer & Trust Company, will provide information to stockholders regarding their stock ownership following the reverse stock split. Stockholders holding their shares in book-entry form or through a bank, broker or other nominee do not need to take any action in connection with the reverse stock split. Their accounts will be automatically adjusted to reflect the number of shares owned. Beneficial holders are encouraged to contact their bank, broker or other nominee with any procedural questions.

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