Nuvve Holding Corp. (NASDAQ: NVVE) Implements 1-for-10 Reverse Stock Split
SAN DIEGO-based Nuvve Holding Corp., a leading company in power distribution and specialty transformers, has recently executed a reverse stock split at a ratio of 1-for-10, effective as of September 16, 2024. This move follows the approval by Nuvve's shareholders on September 9, 2024, and the split ratio determination by the company's board of directors on September 10, 2024.
The reverse stock split has reduced the number of Nuvve's issued and outstanding common shares from around 6.5 million to approximately 0.7 million, while maintaining the par value per share. Nuvve's common stock has commenced trading on a split-adjusted basis on the Nasdaq Capital Market today, with a new CUSIP number assigned to the post-split shares.
In the event of fractional shares resulting from the split, shareholders will receive one whole share instead of a fractional share to prevent the issuance of fractional shares. Additionally, the terms of Nuvve's outstanding warrants, stock options, and restricted stock units have been proportionately adjusted, including the number of shares convertible or exercisable and their respective exercise prices.
Analysis:
By implementing a reverse stock split, Nuvve Holding Corp. aims to streamline its share structure and potentially increase its stock price. While this move may not directly impact the company's fundamentals, it could attract more institutional investors and improve the stock's liquidity. Investors should closely monitor Nuvve's performance post-split to assess any potential impact on their investment decisions.