Why Nuvve Holdings Shares Are Getting Obliterated Tuesday

Nuvve Holding Corp NVVE shares are trading lower by 41% to $1.36 Tuesday morning after the company filed for a common stock offering of up to $25 million.

What Else?

Nuvve says the company intends to use the net proceeds from the sale of common stock in this offering for working capital and general corporate purposes. However, Nuvve has not identified the amounts the company will spend on any specific purpose.

Accordingly, Nuuve management will have significant discretion and flexibility in applying the net proceeds from the sale of these securities. Pending the application of such proceeds, the company expects to invest the proceeds in short-term, interest bearing, investment-grade marketable securities or money market obligations.

According to data from Benzinga Pro, Nuvve has a 52-week high of $10.25 and a 52-week low of $0.44.