Why Nuvve Holding Shares Are Falling Friday

Nuvve Holding Corp. NVVE shares are trading lower on Friday.

The company filed for a public offering of 2.3 million shares of common stock, together with Series A warrants, Series B warrants, and Series C warrants.

Nuvve Holding also entered into amended and restated employment agreements with Gregory Poilasne, the Company’s Chief Executive Officer.

Under the pact, Poilasne will receive an initial annual base salary of $525,000 per year until March 19, 2024, upon which his base salary will be reduced to a rate of $420,000, which the Compensation Committee may increase from time to time.

Recently, the company announced that it was awarded a $16 million project for the Fresno Economic Opportunities Commission to implement its turnkey fleet electrification program for the 50-shuttle fleet.

“With the adoption of our cutting-edge electric vehicle software and infrastructure, this project can serve as a model approach for modern, efficient, and eco-friendly public transportation,” said Nuvve co-founder and CEO Gregory Poilasne. 

Nuvve will provide its proprietary Nuvve GIVe software platform and V2G technology. 

Nuvve also recently disclosed that on January 19, 2024, Rashida La Lande informed about her decision to resign as Chairperson and member of the Board. In connection with La Lande’s resignation, effective January 19, 2024, Jon M. Montgomery was appointed as Interim Chairperson of the Board. 

Price Action: NVVE shares are trading lower by 28.7% to $3.55 on the last check Friday.