SAN DIEGO-based Nuvve Holding Corp. (NASDAQ:NVVE), a company specializing in power distribution and specialty transformers, has implemented a reverse stock split of its common stock at a ratio of 1-for-10, effective as of the close of business on September 16, 2024.
This strategic move comes after the approval by Nuvve's shareholders on September 9, 2024, and subsequent determination of the split ratio by the company's board of directors on September 10, 2024.
The reverse stock split reduced the number of Nuvve's issued and outstanding common shares from approximately 6.5 million to approximately 0.7 million, while the par value per share remains unchanged. The company's common stock began trading on a split-adjusted basis on the Nasdaq Capital Market at the market open today, with a new CUSIP number assigned to the post-split shares.
In the case of fractional shares that would result from the split, shareholders will receive one whole share in lieu of a fractional share, ensuring no fractional shares are issued.
The reverse stock split also proportionately adjusts the terms of Nuvve's outstanding warrants, stock options, and restricted stock units, including the number of shares into which these securities are convertible or exercisable and their respective exercise prices.
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