SAN DIEGO, CA – Nuvve Holding Corp. (NASDAQ:NVVE), a company specializing in power distribution and specialty transformers, announced the outcomes of its Annual Meeting held on Sunday. Shareholders voted on several key proposals, including the approval of a reverse stock split and the election of directors.
At the meeting, shareholders elected Gregory Poilasne and Ted Smith as Class C directors. They will serve on the Board of Directors until the 2027 Annual Meeting of Stockholders or until their successors are elected. The election results were 602,159 votes for Poilasne with 296,518 abstentions, and 619,541 votes for Smith with 279,136 abstentions.
Moreover, the advisory vote on executive compensation, commonly referred to as "Say-on-Pay," received approval with 484,882 votes in favor, 376,815 against, and 36,980 abstentions. In a related advisory vote, shareholders favored holding the Say-on-Pay vote every three years, with 392,913 votes for this frequency.
The selection of Deloitte & Touche LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified with a significant majority of 2,226,937 votes in favor.
A pivotal proposal approved was the amendment to Nuvve's Certificate of Incorporation to effect a reverse stock split of the issued and outstanding Common Stock. The approved range for the reverse stock split is between 1-for-2 and 1-for-10, with the Board having the discretion to determine the exact ratio. The final vote for the reverse stock split stood at 1,688,283 in favor, 652,581 against, and 14,233 abstentions.
As of the record date on July 15, 2024, there were 6,527,227 shares of Common Stock outstanding. A quorum was reached with 2,355,097 votes present in person or represented by proxy at the Annual Meeting.
These decisions come at a time when Nuvve is navigating the evolving landscape of the energy sector. The actions taken by the shareholders and the Board reflect the company's ongoing efforts to adapt its corporate strategy and governance in alignment with its objectives and market conditions.
This report is based on a press release statement and provides a summary of the key decisions made by the shareholders of Nuvve Holding Corp. during their 2024 Annual Meeting.
In other recent news, Nuvve Holding Corp. reported a decrease in its Q2 2024 revenue, which fell to $802,000, down from $2.12 million in the same period of the previous year. This decline was attributed to delayed EPA funding approvals for school districts. However, the company issued convertible promissory notes totaling $500,000 to CEO Gregory Poilasne and CFO David Robson, indicating a commitment to managing its financial obligations.
Simultaneously, Nuvve has been proactive in forming strategic collaborations to enhance its electric vehicle (EV) charging infrastructure. The company entered into a joint venture, Deep Impact 1 LLC, with WISE EV-LLC, and also announced a partnership with WISE EV to introduce over 100 EV charging stations at high-traffic locations nationwide.
Despite lower revenues, Nuvve showed improved margins due to better pricing on hardware sales and a higher mix of service and grant revenues, while operating costs decreased, reflecting ongoing efficiency efforts. These recent developments suggest Nuvve's strategic efforts to navigate the current market conditions and expand its presence in the EV charging market.
InvestingPro Insights
As Nuvve Holding Corp. (NASDAQ:NVVE) continues to shape its corporate strategy, recent data from InvestingPro provides a snapshot of the company's financial health and market performance.
With a market capitalization of just 2.61 million USD, Nuvve operates with a significant debt burden and a concerning P/E ratio of -0.04, reflecting challenges in profitability. Moreover, the company's stock price has experienced substantial volatility, with a -17.76% one-week price total return and an even steeper -97.94% one-year price total return.
InvestingPro Tips highlight that analysts do not anticipate Nuvve will be profitable this year, and the stock has fared poorly over the last month. These factors underscore the importance of the strategic decisions made at the Annual Meeting, as the company seeks to navigate an increasingly competitive energy sector. For investors seeking a deeper analysis, InvestingPro offers additional tips on Nuvve, providing a more comprehensive understanding of the company's prospects.
It is worth noting that despite the challenges, analysts anticipate sales growth in the current year, suggesting potential areas of optimism amidst the company's efforts to recalibrate its operations. For those considering investment opportunities, the full suite of InvestingPro Tips available at https://www.investing.com/pro/NVVE can serve as a valuable resource for informed decision-making.
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