Nuvve Holding Corp (NVVE)

Nuvve Holding Corp (NVVE) stock fell by 36.14% due to several key developments contributing to this notable drop, including public offering, CEO employment agreement and board changes. Here are the details:

• Public Offering: The company initiated a public offering of 2.3 million shares of common stock, bundled with Series A, Series B, and Series C warrants. This move had an impact on investor sentiment and may have influenced the stock's downturn.
• CEO Employment Agreement: Nuvve Holding also underwent changes in its leadership, as it entered into amended and restated employment agreements with its CEO, Gregory Poilasne. The agreement outlines Poilasne's compensation, with an initial annual base salary of $525,000, followed by a reduction to $420,000 from March 19, 2024, subject to potential adjustments by the Compensation Committee.
• Fresno Economic Opportunities Commission Project: On a positive note, the company announced a significant project worth $16 million, involving the Fresno Economic Opportunities Commission. Nuvve Holding will implement its fleet electrification program for a 50-shuttle fleet, aiming to establish an eco-friendly public transportation model using its electric vehicle software and infrastructure, including the Nuvve GIVe software platform and V2G technology.
• Board Changes: Nuvve also experienced changes in its board leadership, with Rashida La Lande resigning as Chairperson and board member, effective January 19, 2024. Jon M. Montgomery was appointed as the Interim Chairperson of the Board in response to this transition. These developments, along with the public offering and CEO employment agreement changes, contributed to the notable decline in Nuvve Holding Corp's stock value.

Nuvve Holding Corp. (NVVE) dropped by 23.66% from $0.262 to $0.2 in the trading on Wednesday October 18, 2023. The reason why NVVE stock down today is due to public offering. Nuvve Holding reported pricing of $1 million underwritten public offering of 7,142,857 shares of common stock at a price of $0.14 per share. The Company intends to use the net proceeds from this offering for working capital and other general corporate purposes.