Zinger Key Points
- Nuvve Holding Corp. announces a 1-for-40 reverse stock split to regain Nasdaq compliance.
- The split reduces issued shares from 49.9 million to about 1.3 million.
- Discover Fast-Growing Stocks Every Month
Nuvve Holding Corp. NVVE shares are trading lower on Thursday.
The company said it will effect a 1-for-40 reverse stock split of its common stock, to be effective as of Friday, Jan. 19, 2024.
Nuvve’s common stock will begin trading on a split-adjusted basis commencing upon market open on Monday, Jan. 22, 2024.
At the effective time of the reverse stock split, every 40 shares of Nuvve’s issued and outstanding common stock will undergo automatic conversion. This conversion results in one issued and outstanding share of common stock, with no 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 49.9 million shares to approximately 1.3 million shares.
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.
Read Next: Why Business Process Management Company WNS’ Shares Are Rising Today
Price Action: NVVE shares are trading lower by 13.2% to $0.0875 on the last check Thursday.
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
