Nuvve Holding Corp. (NVVE) announced on Wednesday the pricing of a public offering that is estimated to generate proceeds approximately $9.6 million. This news resulted in a dramatic drop in the company's stock, plummeting over 57%.
The public offering consists of 4.8 million shares, along with 4.8 million Series A Warrants. These warrants have an initial exercise price of $2.00 per share, and will be valid for a span of five years after the date of issuance. In addition, the offering includes 4.8 million Series B Warrants and the same number of Series C Warrants. Both of these have an exercise price of $2.00 per share. However, the term for the Series B Warrants is nine months after the issuance date, while the Series C Warrants are valid for five years after the date of issuance.
At present, NVVE's stocks are trading at $1.4350 on the Nasdaq, a significant decline of $1.9050 or 57.04%. The stock started trading at $3.3800 after closing Tuesday's trading at $3.3400. Over the past 52-week period, the stock has fluctuated between $1.4100 and $61.2000.
