NUVVE ANNOUNCES 1-FOR-10 REVERSE STOCK SPLIT

On September 13, 2024, Nuvve Holding Corp., a green energy technology company based in San Diego, announced a 1-for-10 reverse stock split of its common stock, effective at 5:00 p.m. Eastern Time on September 16, 2024. This decision follows a vote by stockholders on September 9, 2024, which granted the Board of Directors the authority to implement a reverse stock split within a specified range. The split will reduce the number of outstanding shares from approximately 6.5 million to about 0.7 million, while the total authorized shares will remain unchanged. The reverse stock split aims to help Nuvve comply with Nasdaq's minimum bid price requirement of $1.00 per share, which is crucial for maintaining its listing on the Nasdaq Capital Market. Following the split, shares will continue to trade under the symbol 'NVVE' with a new CUSIP number. Proportional adjustments will be made to stock options, restricted stock units, and warrants, ensuring that the interests of shareholders are preserved. No fractional shares will be issued; instead, any resulting fractions will be rounded up to the nearest whole share. Shareholders holding shares in book-entry form or through brokers will not need to take any action, as their accounts will be automatically adjusted to reflect the new share count. The company has expressed that this move is part of a broader strategy to enhance its market position and ensure compliance with regulatory requirements. However, Nuvve also cautions that forward-looking statements regarding the split are subject to various risks and uncertainties that could impact the company's future performance.