Filed Pursuant to Rule 424(b)(3)
Registration No. 333-254718
PROSPECTUS SUPPLEMENT NO. 4
To Prospectus dated April 5, 2021
NUVVE HOLDING CORP.
2,778,750 SHARES OF COMMON STOCK (For Resale)
2,707,500 WARRANTS (For Resale)
1,353,750 SHARES OF COMMON STOCK (For Issuance)
This prospectus supplement no. 4 supplements the prospectus dated April 5, 2021 (the “Prospectus”), relating to the offer and sale from time to time by the selling securityholders named in the Prospectus (the “Selling Securityholders”) of (A) up to 2,778,750 shares of common stock, including (i) 1,425,000 shares originally sold in a private placement at the closing of the Business Combination (as defined in the Prospectus), and (ii) up to 1,353,750 shares issuable upon the exercise of the warrants sold in the private placement, and (B) up to 2,707,500 warrants sold in the private placement. The Prospectus also relates to the offer and sale by us of 1,353,750 shares of common stock issuable upon exercise of the warrants, solely to the extent the warrants are publicly sold prior to their exercise.
We registered the securities for resale pursuant to the Selling Securityholders’ registration rights under certain agreements between us and the Selling Securityholders. Our registration of the securities covered by the Prospectus does not mean that the Selling Securityholders will offer or sell any of the shares of common stock or warrants. The Selling Securityholders may offer, sell or distribute all or a portion of their shares of common stock or warrants publicly or through private transactions at prevailing market prices or at negotiated prices. We provide more information about how the Selling Securityholders may sell the shares of common stock or warrants in the section of the Prospectus entitled “Plan of Distribution.”
We will not receive any proceeds from the sale of shares of common stock or warrants by the Selling Securityholders pursuant to the Prospectus.
This prospectus supplement no. 4 incorporates into the Prospectus the information contained in our attached quarterly report on Form 10-Q, which was filed with the Securities and Exchange Commission on November 12, 2021.
You should read this prospectus supplement no. 4 in conjunction with the Prospectus, including all prior supplements and amendments thereto. This prospectus supplement no. 4 is qualified by reference to the Prospectus, as previously supplemented and amended, except to the extent that the information in the prospectus supplement no. 4 supersedes the information contained in the Prospectus, as previously supplemented and amended. This prospectus supplement no. 4 is not complete without, and may not be delivered or utilized except in connection with, the Prospectus, including all prior supplements and amendments thereto.
Our common stock and warrants are listed for trading on the Nasdaq Capital Market under the symbols “NVVE” and “NVVEW,” respectively. On November 11, 2021 the closing price of our common stock was $15.65 and the closing price of our warrants was $3.10.
We are an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and have elected to comply with certain reduced public company reporting requirements.
Investing in our securities involves a high degree of risk. See “Risk Factors” on page 4 in the Prospectus and elsewhere in any supplements for a discussion of information that should be considered in connection with an investment in our securities.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.
The date of this prospectus supplement is November 12, 2021
NUVVE HOLDING CORP. | ||||||||||||||
(Exact Name of Registrant as Specified in Its Charter) | ||||||||||||||
Delaware | 86-1617000 | |||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
2468 Historic Decatur Road, | San Diego, | California | 92106 | |||||||||||
(Address of principal executive offices) | (Zip Code) | |||||||||||||
(619) | 456-5161 | |||||||||||||
(Registrant’s telephone number), including area code | ||||||||||||||
N/A | ||||||||||||||
(Former name, former address and former fiscal year, if changed since last report) |
Title of each class | Trading Symbols | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $0.0001 per share | NVVE | The Nasdaq Stock Market | ||||||||||||
Warrants to Purchase Common Stock | NVVEW | The Nasdaq Stock Market |
Large accelerated filer | o | Accelerated filer | o | |||||||||||
Non-accelerated filer | x | Smaller reporting company | x | |||||||||||
Emerging growth company | x |
September 30, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash | $ | 40,735,312 | $ | 2,275,895 | |||||||
Restricted cash | 380,000 | — | |||||||||
Accounts receivable | 1,099,185 | 999,897 | |||||||||
Inventories | 6,179,175 | 1,052,478 | |||||||||
Security deposit, current | — | 20,427 | |||||||||
Prepaid expenses and other current assets | 1,485,229 | 416,985 | |||||||||
Total Current Assets | 49,878,901 | 4,765,682 | |||||||||
Property and equipment, net | 95,425 | 95,231 | |||||||||
Intangible assets, net | 1,515,936 | 1,620,514 | |||||||||
Investment | 670,951 | 670,951 | |||||||||
Deferred financing costs | 46,505,225 | — | |||||||||
Financing receivables | 125,000 | — | |||||||||
Security deposit, long-term | 3,057 | 3,057 | |||||||||
Total Assets | $ | 98,794,495 | $ | 7,155,435 | |||||||
Liabilities, Mezzanine Equity and Stockholders’ (Deficit) Equity | |||||||||||
Current Liabilities | |||||||||||
Accounts payable | $ | 2,718,326 | $ | 2,960,249 | |||||||
Accrued expenses | 2,974,820 | 585,396 | |||||||||
Deferred revenue | 262,939 | 196,446 | |||||||||
Debt | — | 4,294,054 | |||||||||
Other liabilities | 7,770 | — | |||||||||
Total Current Liabilities | 5,963,855 | 8,036,145 | |||||||||
Warrants liability | 626,000 | — | |||||||||
Derivative liability - non-controlling redeemable preferred shares | 509,785 | — | |||||||||
Other long-term liabilities | 20,561 | — | |||||||||
Total Liabilities | 7,120,201 | 8,036,145 | |||||||||
Commitments and Contingencies | |||||||||||
Mezzanine equity | |||||||||||
Redeemable non-controlling interests, preferred shares, zero par value, 1,000,000 shares authorized, 3,138 shares issue and outstanding; aggregate liquidation preference of $3,177,096 at September 30, 2021 | 2,723,960 | — | |||||||||
Stockholders’ (Deficit) Equity | |||||||||||
Convertible preferred stock, $0.0001 par value, zero and 30,000,000 shares authorized; zero and 16,789,088 shares issued and outstanding; aggregate liquidation preference of $0 and $12,156,676 at September 30, 2021 and December 31, 2020, respectively | — | 1,679 | |||||||||
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; zero shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | — | — | |||||||||
Common stock, $0.0001 par value, 100,000,000 and 30,000,000 shares authorized; 18,634,537 and 9,122,996 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 1,865 | 2,616 | |||||||||
Additional paid-in capital | 127,992,794 | 19,650,659 | |||||||||
Accumulated other comprehensive income (loss) | 69,941 | (77,841) | |||||||||
Accumulated deficit | (38,844,294) | (20,457,823) | |||||||||
Nuvve Stockholders’ Equity (Deficit) | 89,220,306 | (880,710) | |||||||||
Non-controlling interests | (269,972) | — | |||||||||
Total Stockholders’ Equity (Deficit) | 88,950,334 | (880,710) | |||||||||
Total Liabilities, Mezzanine equity and Stockholders’ Equity (Deficit) | $ | 98,794,495 | $ | 7,155,435 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Products and services | $ | 682,900 | $ | 541,349 | $ | 1,761,319 | $ | 901,395 | |||||||||||||||
Grants | 480,104 | 799,561 | 1,182,047 | 1,847,988 | |||||||||||||||||||
Total revenue | 1,163,004 | 1,340,910 | 2,943,366 | 2,749,383 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Cost of product and service revenue | 387,582 | 32,125 | 877,468 | 65,329 | |||||||||||||||||||
Selling, general, and administrative | 6,599,490 | 1,366,472 | 16,352,021 | 3,083,892 | |||||||||||||||||||
Research and development | 1,622,608 | 770,696 | 4,574,803 | 1,977,781 | |||||||||||||||||||
Total operating expenses | 8,609,680 | 2,169,293 | 21,804,292 | 5,127,002 | |||||||||||||||||||
Operating loss | (7,446,676) | (828,383) | (18,860,926) | (2,377,619) | |||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Interest income (expense) | 3,220 | (48,457) | (592,345) | (55,787) | |||||||||||||||||||
Change in fair value of conversion option on convertible notes | — | 19,000 | — | 19,000 | |||||||||||||||||||
Change in fair value of warrants liability | 557,000 | — | 627,228 | — | |||||||||||||||||||
Change in fair value of derivative liability | (12,179) | — | (12,179) | — | |||||||||||||||||||
Other, net | (69,647) | 75,590 | 321,914 | 81,246 | |||||||||||||||||||
Total other (expense) income, net | 478,394 | 46,133 | 344,618 | 44,459 | |||||||||||||||||||
Loss before taxes | (6,968,282) | (782,250) | (18,516,308) | (2,333,160) | |||||||||||||||||||
Income tax (benefit) expense | — | — | 1,000 | 1,000 | |||||||||||||||||||
Net loss | $ | (6,968,282) | $ | (782,250) | $ | (18,517,308) | $ | (2,334,160) | |||||||||||||||
Less: Net loss attributable to non-controlling interests | (130,837) | — | (130,837) | — | |||||||||||||||||||
Net loss attributable to Nuvve Holding Corp. | $ | (6,837,445) | $ | (782,250) | $ | (18,386,471) | $ | (2,334,160) | |||||||||||||||
Less: Preferred dividends on redeemable non-controlling interests | 39,096 | — | 39,096 | — | |||||||||||||||||||
Less: Accretion on redeemable non-controlling interests preferred shares | 100,039 | — | 100,039 | — | |||||||||||||||||||
Net loss attributable to Nuvve common stockholders | $ | (6,976,580) | $ | (782,250) | $ | (18,525,606) | $ | (2,334,160) | |||||||||||||||
Net loss per share attributable to Nuvve common stockholders, basic and diluted | $ | (0.37) | $ | (0.09) | $ | (1.16) | $ | (0.27) | |||||||||||||||
Weighted-average shares used in computing net loss per share attributable to Nuvve common stockholders, basic and diluted | 18,627,978 | 8,778,916 | 15,931,466 | 8,778,916 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net loss | $ | (6,968,282) | $ | (782,250) | $ | (18,517,308) | $ | (2,334,160) | |||||||||||||||
Other comprehensive (loss) income, net of taxes | |||||||||||||||||||||||
Foreign currency translation adjustments, net of taxes | 51,179 | (83,704) | 147,782 | (95,113) | |||||||||||||||||||
Total Comprehensive loss | $ | (6,917,103) | $ | (865,954) | $ | (18,369,526) | $ | (2,429,273) | |||||||||||||||
Less: Comprehensive loss attributable to non-controlling interests | (130,837) | — | (130,837) | — | |||||||||||||||||||
Comprehensive loss attributable to Nuvve Holding Corp. | $ | (6,786,266) | $ | (865,954) | $ | (18,238,689) | $ | (2,429,273) | |||||||||||||||
Less: Preferred dividends on redeemable non-controlling interests | (39,096) | — | (39,096) | — | |||||||||||||||||||
Less: Accretion on redeemable non-controlling interests preferred shares | (100,039) | — | (100,039) | — | |||||||||||||||||||
Comprehensive loss attributable to Nuvve common stockholders | $ | (6,647,131) | $ | (865,954) | $ | (18,099,554) | $ | (2,429,273) |
Series A Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Non-controlling Interests | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances December 31, 2020, as previously reported | 16,789,088 | $ | 1,679 | 26,162,122 | $ | 2,616 | $ | 19,650,659 | $ | (77,841) | $ | (20,457,823) | $ | — | $ | (880,710) | |||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of shares due to merger capitalization | (16,789,088) | (1,679) | (17,039,126) | (1,704) | 3,383 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances December 31, 2020, as previously reported | — | — | 9,122,996 | 912 | 19,654,042 | (77,841) | (20,457,823) | — | (880,710) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beneficial conversion feature - convertible debenture | — | — | — | — | 427,796 | — | — | — | 427,796 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of convertible debenture | — | — | 544,178 | 54 | 3,999,381 | — | — | — | 3,999,435 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock from EDF | — | — | (600,000) | (60) | (5,999,940) | — | — | — | (6,000,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assumption of private warrant liability from Newborn | — | — | — | — | (1,253,228) | — | — | — | (1,253,228) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger recapitalization, net of share redemption of $18,629 and issuance costs of $5,979,675 | — | — | 8,060,418 | 806 | 51,750,557 | — | — | — | 51,751,363 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Placement agent fee paid in common stock | — | — | 208,532 | 21 | 2,085,299 | — | — | — | 2,085,320 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PIPE offering, less issuance costs of $2,500 | — | — | 1,425,000 | 143 | 14,247,357 | — | — | — | 14,247,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notice of exercise of put option | — | — | — | — | (2,000,000) | — | — | — | (2,000,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 262,105 | — | — | — | 262,105 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | — | 116,749 | — | — | 116,749 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (5,361,720) | — | (5,361,720) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances March 31, 2021 | — | — | 18,761,124 | 1,876 | 83,173,369 | 38,908 | (25,819,543) | — | 57,394,610 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional merger recapitalization costs | — | — | — | — | (265,736) | — | — | — | (265,736) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Buyback of shares related to exercise of put option | — | — | (134,500) | (13) | 13 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of warranties to Stonepeak and Evolve | — | — | — | — | 30,234,000 | — | — | — | 30,234,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of options to purchase shares of common stock to Stonepeak and Evolve | — | — | — | — | 12,584,000 | — | — | — | 12,584,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 1,090,603 | — | — | — | 1,090,603 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | — | (20,146) | — | — | (20,146) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (6,187,306) | — | (6,187,306) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances June 30, 2021 | — | — | 18,626,624 | 1,863 | 126,816,249 | 18,762 | (32,006,849) | — | 94,830,025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | 7,913 | 2 | 18,323 | — | — | — | 18,325 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 1,337,373 | — | — | — | 1,337,373 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stonepeak and Evolve warrants and option deferred commitment costs - amortization | — | — | — | — | (179,151) | — | — | — | (179,151) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | — | 51,179 | — | — | 51,179 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends - non-controlling interest | — | — | — | — | — | — | — | (39,096) | (39,096) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion on redeemable non-controlling interests preferred shares | — | — | — | — | — | — | — | (100,039) | (100,039) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (6,837,445) | (130,837) | (6,968,282) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances September 30, 2021 | — | $ | — | 18,634,537 | $ | 1,865 | $ | 127,992,794 | $ | 69,941 | $ | (38,844,294) | $ | (269,972) | $ | 88,950,334 |
Series A Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balances December 31, 2019, as previously reported | 16,789,088 | $ | 1,679 | 24,542,314 | $ | 2,454 | $ | 17,131,913 | $ | 107,620 | $ | (15,573,689) | $ | 1,669,977 | |||||||||||||||||||||||||||||||||
Conversion of shares due to merger capitalization | (16,789,088) | (1,679) | (15,763,398) | (1,576) | 3,255 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Balances December 31, 2019, effect of reverse recapitalization (refer to Note 2) | — | $ | — | 8,778,916 | $ | 878 | $ | 17,135,168 | $ | 107,620 | $ | (15,573,689) | $ | 1,669,977 | |||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 17,557 | — | — | 17,557 | |||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | — | 26,781 | — | 26,781 | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (497,808) | (497,808) | |||||||||||||||||||||||||||||||||||||||
Balances March 31, 2020 | — | — | 8,778,916 | 878 | 17,152,725 | 134,401 | (16,071,497) | 1,216,507 | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 15,421 | — | — | 15,421 | |||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | — | (38,190) | — | (38,190) | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (1,054,102) | (1,054,102) | |||||||||||||||||||||||||||||||||||||||
Balances June 30, 2020 | — | $ | — | 8,778,916 | $ | 878 | $ | 17,168,146 | $ | 96,211 | $ | (17,125,599) | $ | 139,636 | |||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 82,090 | — | — | 82,090 | |||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | — | (83,704) | — | (83,704) | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (782,250) | (782,250) | |||||||||||||||||||||||||||||||||||||||
Balances September 30, 2020 | — | $ | — | 8,778,916 | $ | 878 | $ | 17,250,236 | $ | 12,507 | $ | (17,907,849) | $ | (644,228) | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Operating activities | |||||||||||
Net loss | $ | (18,517,308) | $ | (2,334,160) | |||||||
Adjustments to reconcile to net loss to net cash used in operating activities | |||||||||||
Depreciation and amortization | 122,352 | 123,607 | |||||||||
Share-based compensation | 2,690,081 | 115,068 | |||||||||
Beneficial conversion feature on convertible debenture | 427,796 | (19,000) | |||||||||
Accretion of discount on convertible debenture | 116,147 | 43,385 | |||||||||
Change in fair value of warrants liability | (627,228) | — | |||||||||
Loss on disposal of asset | 1,349 | — | |||||||||
Gain on extinguishment of PPP Loan | (492,100) | — | |||||||||
Noncash lease expense | 2,141 | — | |||||||||
Change in operating assets and liabilities | |||||||||||
Accounts receivable | (99,963) | 76,948 | |||||||||
Inventory | (5,126,698) | 32,266 | |||||||||
Prepaid expenses and other assets | (4,062,202) | (93,332) | |||||||||
Accounts payable | (240,200) | 427,332 | |||||||||
Accrued expenses | 2,260,833 | 137,983 | |||||||||
Deferred revenue | 66,493 | 220,662 | |||||||||
Net cash used in operating activities | (23,478,507) | (1,269,241) | |||||||||
Investing activities | |||||||||||
Proceeds from sale of property and equipment | 7,784 | — | |||||||||
Purchase of property and equipment | — | (22,504) | |||||||||
Net cash provided (used) in investing activities | 7,784 | (22,504) | |||||||||
Financing activities | |||||||||||
Proceeds from issuance of convertible notes | — | 496,500 | |||||||||
Proceeds from Newborn Escrow Account | 58,184,461 | — | |||||||||
Redemption of Newborn shares | (18,629) | — | |||||||||
Issuance costs related to reverse recapitalization and PIPE offering | (3,970,657) | — | |||||||||
Proceeds from PIPE offering | 14,250,000 | — | |||||||||
Repayment of Newborn sponsor loans | (487,500) | — | |||||||||
Repurchase of common stock from EDF | (6,000,000) | — | |||||||||
Newborn cash acquired | 50,206 | — | |||||||||
Purchase of stock from investor | (2,000,000) | — | |||||||||
Payment of financing costs | (1,000,000) | — | |||||||||
Payment of finance lease Obligations | (4,613) | — | |||||||||
Proceeds from PPP/EIDL Loan | — | 642,000 | |||||||||
Proceeds from exercise of stock options | 18,325 | — | |||||||||
Issuance of Common Stock | — | (3) | |||||||||
Issuance of Preferred Stock | 3,138,000 | — | |||||||||
Repayment proceeds from shareholder loan | — | (75,000) | |||||||||
Proceeds from shareholder loan | — | 75,000 | |||||||||
Net cash provided by financing activities | 62,159,593 | 1,138,497 | |||||||||
Effect of exchange rate on cash | 150,547 | (95,399) | |||||||||
Net increase (decrease) in cash and restricted cash | 38,839,417 | (248,647) | |||||||||
Cash and restricted cash at beginning of year | 2,275,895 | 326,703 | |||||||||
Cash and restricted cash at end of period | $ | 41,115,312 | $ | 78,056 | |||||||
The accompanying notes are an integral part of these condensed consolidated financial statements. | |||||||||||
NUVVE HOLDING CORP. AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) | |||||||||||
(Unaudited) | |||||||||||
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Supplemental Disclosure of Noncash Financing Activity | |||||||||||
Conversion of preferred stock to common stock | $ | 1,679 | $ | — | |||||||
Conversion of debenture and accrued interest to common shares | $ | 3,999,435 | $ | — | |||||||
Conversion of shares due to reverse recapitalization | $ | 3,383 | $ | — | |||||||
Issuance of common stock for merger success fee | $ | 2,085,299 | $ | — | |||||||
Non-cash merger transaction costs | $ | 2,085,299 | $ | — | |||||||
Accrued transaction costs related to reverse recapitalization | $ | 189,434 | $ | — | |||||||
Issuance of private warrants | $ | 1,253,228 | $ | — | |||||||
Forgiveness of PPP Loan | $ | 492,100 | $ | — | |||||||
Issuance of Stonepeak and Evolve warrants | $ | 30,234,000 | $ | — | |||||||
Issuance of Stonepeak and Evolve options | $ | 12,584,000 | $ | — |
September 30, 2021 | |||||||||||
Assets | |||||||||||
Cash | $ | 67,774 | |||||||||
Deferred financing costs | 3,920,323 | ||||||||||
Total Assets | $ | 3,988,097 | |||||||||
Liabilities and Mezzanine Equity | |||||||||||
Accrued expenses | $ | 39,096 | |||||||||
Derivative liability - non-controlling redeemable preferred shares | 509,785 | ||||||||||
Total Liabilities | $ | 548,881 | |||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Customer 1 (grant revenue) | 14.5 | % | 31.8 | % | 17.9 | % | 33.5 | % | |||||||||||||||
Customer 2 (grant revenue) | * | 19.1 | % | 13.8 | % | 11.1 | % | ||||||||||||||||
Customer 3 (grant revenue) | 17.0 | % | * | * | * | ||||||||||||||||||
Customer 4 (services revenue) | 13.3 | % | * | * | * | ||||||||||||||||||
Customer 5 (services revenue) | * | 12.2 | % | * | 16.2 | % | |||||||||||||||||
Customer 6 (Product revenue) | 29.6 | % | * | 11.7 | % | * | |||||||||||||||||
Customer 7 (Product revenue) | * | 12.2 | % | * | 10.5 | % |
September 30, 2021 | December 31, 2020 | ||||||||||
Customer 1 (grant revenue) | 15.2 | % | 15.0 | % | |||||||
Customer 2 (grant revenue) | 16.9 | % | 19.0 | % | |||||||
Customer 3 (product revenue) | 10.0 | % | 27.0 | % | |||||||
Customer 4 (product revenue) | 11.8 | % | 10.0 | % | |||||||
Customer 5 (product revenue) | 20.9 | % | 10.0 | % |
September 30, 2021 | December 31, 2020 | ||||||||||
DC Chargers | $ | 4,576,750 | $ | 842,122 | |||||||
AC Chargers | 257,119 | 163,346 | |||||||||
Vehicles - School Buses | 1,296,000 | — | |||||||||
Others | 49,306 | 47,010 | |||||||||
Total | $ | 6,179,175 | $ | 1,052,478 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
United States | $ | 825,868 | $ | 997,429 | $ | 2,230,495 | $ | 1,833,988 | |||||||||||||||
United Kingdom | 114,157 | 330,922 | 369,146 | 650,799 | |||||||||||||||||||
Denmark | 222,979 | 12,559 | 343,725 | 264,596 | |||||||||||||||||||
$ | 1,163,004 | $ | 1,340,910 | $ | 2,943,366 | $ | 2,749,383 |
September 30, 2021 | December 31, 2020 | ||||||||||
Long-lived assets: | |||||||||||
United States | $ | 1,583,705 | $ | 1,705,201 | |||||||
Denmark | 27,656 | 10,544 | |||||||||
$ | 1,611,361 | $ | 1,715,745 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenue recognized over time: | |||||||||||||||||||||||
Services | $ | 216,071 | $ | 511,847 | $ | 746,682 | $ | 808,358 | |||||||||||||||
Grants | 480,104 | 799,561 | 1,182,047 | 1,847,988 | |||||||||||||||||||
Products | 466,829 | 29,502 | 1,014,637 | 93,037 | |||||||||||||||||||
Total revenue | $ | 1,163,004 | $ | 1,340,910 | $ | 2,943,366 | $ | 2,749,383 |
2021 (remaining three months) | $ | 19,835 | |||
Thereafter | 243,104 | ||||
Total | $ | 262,939 |
Level 1: Quoted Prices in Active Markets for Identical Assets | Level 2: Significant Other Observable Inputs | Level 3: Significant Unobservable Inputs | Total at September 30, 2021 | Total Gains (Losses) For The Three Months Ended September 30, 2021 | Total Gains (Losses) For The Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||||||||||||||||
Private warrants | $ | — | $ | — | $ | 626,000 | $ | 626,000 | $ | 557,000 | $ | 627,228 | |||||||||||||||||||||||
Derivative liability - non-controlling redeemable preferred shares | — | — | 509,785 | 509,785 | (12,179) | (12,179) | |||||||||||||||||||||||||||||
Total recurring fair value measurements | $ | — | $ | — | $ | 1,135,785 | $ | 1,135,785 | $ | 544,821 | $ | 615,049 |
Private Warrants | Non-controlling redeemable preferred shares - derivative liability | ||||||||||
Balance at December 31, 2020 | $ | — | $ | — | |||||||
Assumed at closing of merger | 1,253,228 | — | |||||||||
Total (gains) losses for period included in earnings | (421,830) | — | |||||||||
Balance at March 31, 2021 | 831,398 | — | |||||||||
Total (gains) losses for period included in earnings | 351,602 | — | |||||||||
Balance at June 30, 2021 | 1,183,000 | — | |||||||||
Initial fair value | — | 497,606 | |||||||||
Total (gains) losses for period included in earnings | (557,000) | 12,179 | |||||||||
Balance at September 30, 2021 | $ | 626,000 | $ | 509,785 |
Series B Warrants | Series C Warrants | Series D Warrants | Series E Warrants | Series F Warrants | Options | |||||||||||||||
Fair value (in millions) | $12.8 | $5.6 | $4.8 | $3.8 | $3.2 | $12.6 | ||||||||||||||
Valuation methodology | Black Scholes | Monte Carlo Simulation & Black Scholes | Monte Carlo Simulation & Black Scholes | Monte Carlo Simulation & Black Scholes | Monte Carlo Simulation & Black Scholes | Black Scholes | ||||||||||||||
Terms (years) | 10 | 10 | 10 | 10 | 10 | 7.50 | ||||||||||||||
Risk free rate | 1.6% | 1.6% | 1.6% | 1.6% | 1.6% | 1.4% | ||||||||||||||
Strike price | $10.0 | $15.0 | $20.0 | $30.0 | $40.0 | $50.0 | ||||||||||||||
Volatility | 55.0% | 55.0% | 55.0% | 55.0% | 55.0% | 57.0% | ||||||||||||||
Capital expenditure forecast (in millions) | N/A | $125.0 | $250.0 | $375.0 | $500.0 | N/A | ||||||||||||||
Probability of warrants vesting | 100.0% | 96.9% | 87.7% | 78.2% | 69.9% | N/A |
September 30, 2021 | December 31, 2020 | ||||||||||
Other long term liabilities: | |||||||||||
Derivative liability - non-controlling redeemable preferred shares | $ | 509,785 | $ | — | |||||||
2021 (remaining three months) | $ | 34,860 | |||
2022 | 139,437 | ||||
2023 | 139,437 | ||||
2024 | 139,437 | ||||
2025 | 139,437 | ||||
Thereafter | 923,328 | ||||
$ | 1,515,936 |
September 30, 2021 | December 31, 2020 | ||||||||||
6% Senior Secured Convertible Debenture | $ | — | $ | 4,000,000 | |||||||
Payroll Protection Plan loan | — | 492,100 | |||||||||
— | 4,492,100 | ||||||||||
Less: discount on convertible debenture | — | (198,046) | |||||||||
Total debt - current | $ | — | $ | 4,294,054 |
Number of Warrants | Number of Warrants Exercisable | Exercise Price | Expiration Date | ||||||||||||||||||||
Public Warrants | 2,875,000 | — | $11.50 | March 19, 2026 | |||||||||||||||||||
Private Warrants | 136,250 | — | $11.50 | March 19, 2026 | |||||||||||||||||||
PIPE Warrants | 1,353,750 | — | $11.50 | March 19, 2026 | |||||||||||||||||||
Stonepeak/Evolve Warrants - series B | 2,000,000 | — | $10.00 | May 17, 2031 | |||||||||||||||||||
Stonepeak/Evolve Warrants - series C | 1,000,000 | — | $15.00 | May 17, 2031 | |||||||||||||||||||
Stonepeak/Evolve Warrants - series D | 1,000,000 | — | $20.00 | May 17, 2031 | |||||||||||||||||||
Stonepeak/Evolve Warrants - series E | 1,000,000 | — | $30.00 | May 17, 2031 | |||||||||||||||||||
Stonepeak/Evolve Warrants - series F | 1,000,000 | — | $40.00 | May 17, 2031 | |||||||||||||||||||
10,365,000 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Options | $ | 778,922 | $ | 82,090 | $ | 1,841,930 | $ | 115,068 | |||||||||||||||
Restricted stock | 537,693 | — | 805,665 | — | |||||||||||||||||||
Total | $ | 1,316,615 | $ | 82,090 | $ | 2,647,595 | $ | 115,068 |
2010 Plan | 2020 Plan | ||||||||||
Expected life of options (in years) (1) | 6.0 | 6.0 | |||||||||
Dividend yield (2) | 0 | % | 0 | % | |||||||
Risk-free interest rate (3) | 1.02 | % | 1.02 | % | |||||||
Volatility (4) | 60.2 | % | 60.2 | % |
Shares | Weighted- Average Exercise Price per Share($) | Weighted- Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value($) | ||||||||||||||||||||
Outstanding - December 31, 2020 | 1,242,234 | 2.88 | 6.73 | — | |||||||||||||||||||
Granted | 81,775 | 8.71 | — | — | |||||||||||||||||||
Exercised | (7,903) | 2.49 | — | — | |||||||||||||||||||
Forfeited | (21,175) | 5.84 | — | — | |||||||||||||||||||
Expired/Cancelled | (2,809) | 2.78 | — | — | |||||||||||||||||||
Outstanding - September 30, 2021 | 1,292,122 | 3.21 | 5.50 | 9,812,805 | |||||||||||||||||||
Options Exercisable at September 30, 2021 | 1,004,969 | 2.15 | 4.58 | 8,709,677 | |||||||||||||||||||
Option Vested at September 30, 2021 | 1,004,969 | 2.15 | 4.58 | 8,652,097 | |||||||||||||||||||
Shares | Weighted- Average Exercise Price per Share ($) | Weighted- Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value($) | ||||||||||||||||||||
Outstanding - December 31, 2020 | — | — | — | — | |||||||||||||||||||
Granted | 1,776,850 | 12.82 | 9.51 | — | |||||||||||||||||||
Exercised | — | — | — | — | |||||||||||||||||||
Forfeited | (177,500) | 9.81 | — | — | |||||||||||||||||||
Expired/Cancelled | (100) | 10.00 | — | — | |||||||||||||||||||
Outstanding - September 30, 2021 | 1,599,250 | 13.15 | 9.51 | 320,565 | |||||||||||||||||||
Options Exercisable at September 30, 2021 | — | — | — | — | |||||||||||||||||||
Option Vested at September 30, 2021 | — | — | — | — | |||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Amount received from option exercised | $ | 18,325 | $ | — | ||||||||||||||||
September 30, 2021 | Weighted average remaining recognition period | |||||||||||||||||||
Total unrecognized options compensation costs | $ | 11,321,196 | 3.35 |
Shares | Weighted- Average Grant Date Fair Value($) | ||||||||||
Nonvested at December 31, 2020 | — | — | |||||||||
Granted | 359,923 | 10.84 | |||||||||
Vested/Release | — | — | |||||||||
Cancelled/Forfeited | (15,106) | 9.93 | |||||||||
Nonvested and Outstanding at September 30, 2021 | 344,817 | 10.87 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Income tax (benefit) expense | $ | — | $ | — | $ | 1,000 | $ | 1,000 | |||||||||||||||
Effective tax rate | 0.0 | % | (0.1) | % | 0.0 | % | (0.1) | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net loss attributable to Nuvve common stockholders | $ | (6,976,580) | $ | (782,250) | $ | (18,525,606) | $ | (2,334,160) | |||||||||||||||
Weighted-average shares used to compute net loss per share attributable to Nuvve common stockholders, basic and diluted | 18,627,978 | 8,778,916 | 15,931,466 | 8,778,916 | |||||||||||||||||||
Net Loss per share attributable to Nuvve common stockholders, basic and diluted | $ | (0.37) | $ | (0.09) | $ | (1.16) | $ | (0.27) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Stock options issued and outstanding | 2,890,564 | 1,128,286 | 2,342,967 | 1,031,454 | |||||||||||||||||||
Nonvested restricted stock issued and outstanding | 832,757 | — | 667,297 | — | |||||||||||||||||||
Public warrants | 2,875,000 | — | 2,061,121 | — | |||||||||||||||||||
Private warrants | 136,250 | — | 97,679 | — | |||||||||||||||||||
PIPE warrants | 1,353,750 | — | 970,519 | — | |||||||||||||||||||
Stonepeak and Evolve warrants | 6,000,000 | — | 3,000,000 | — | |||||||||||||||||||
Stonepeak and Evolve options | 5,000,000 | — | 2,500,000 | — | |||||||||||||||||||
Convertible notes payable | — | 151,323 | — | 143,606 | |||||||||||||||||||
Total | 19,088,321 | 1,279,609 | 11,639,583 | 1,175,060 |
Classification | September 30, 2021 | |||||||||||||
Operating lease assets | Right-of-use operating lease assets | $ | — | |||||||||||
Finance lease assets | Property, plant and equipment, net | 27,656 | ||||||||||||
Total lease assets | $ | 27,656 | ||||||||||||
Operating lease liabilities - current | Operating lease liabilities - current | $ | — | |||||||||||
Finance lease liabilities - current | Other liabilities - current | 7,770 | ||||||||||||
Finance lease liabilities - noncurrent | Other long-term liabilities | 20,561 | ||||||||||||
Total lease liabilities | $ | 28,331 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
Classification | 2021 | 2021 | ||||||||||||||||||
Operating lease expense | Selling, general and administrative | $ | 44,952 | $ | 136,779 | |||||||||||||||
Finance lease expense: | ||||||||||||||||||||
Amortization of finance lease assets | Selling, general and administrative | 1,536 | 3,073 | |||||||||||||||||
Interest on finance lease liabilities | Interest expense | 729 | 1,487 | |||||||||||||||||
Total lease expense | $ | 47,217 | $ | 141,339 |
Operating Lease | Finance Lease | |||||||||||||
Maturities of lease liabilities are as follows: | September 30, 2021 | September 30, 2021 | ||||||||||||
2021 | $ | — | $ | 1,942 | ||||||||||
2022 | — | 7,770 | ||||||||||||
2023 | — | 7,770 | ||||||||||||
2024 | — | 7,770 | ||||||||||||
2025 | — | 7,770 | ||||||||||||
Thereafter | — | 1,942 | ||||||||||||
Total lease payments | — | 34,964 | ||||||||||||
Less: interest | — | (6,633) | ||||||||||||
Total lease obligations | $ | — | $ | 28,331 |
September 30, 2021 | ||||||||
Weighted-average remaining lease terms (in years): | ||||||||
Operating lease | 0.0 | |||||||
Finance lease | 4.5 | |||||||
Weighted-average discount rate: | ||||||||
Operating lease | 10% | |||||||
Finance lease | 10% |
Nine Months Ended September 30, | ||||||||||||||
2021 | ||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows from operating leases | $ | 100,292 | ||||||||||||
Operating cash flows from finance leases | $ | 1,487 | ||||||||||||
Financing cash flows from finance leases | $ | 4,613 | ||||||||||||
Leased assets obtained in exchange for new finance lease liabilities | $ | 27,656 | ||||||||||||
Leased assets obtained in exchange for new operating lease liabilities | $ | — |
2021 | $ | 41,513 | |||
2022 | 84,270 | ||||
2023 | 514,377 | ||||
2024 | 529,809 | ||||
2025 | 545,703 | ||||
Thereafter | 3,579,935 | ||||
$ | 5,295,607 |
Milestone Event: Aggregated Vehicles | Milestone Payment Amount | |||||||
10,000 | $ | 500,000 | ||||||
20,000 | 750,000 | |||||||
40,000 | 750,000 | |||||||
60,000 | 750,000 | |||||||
80,000 | 750,000 | |||||||
100,000 | 1,000,000 | |||||||
200,000 | 1,000,000 | |||||||
250,000 | 2,000,000 | |||||||
$ | 7,500,000 |
Shares Authorized | Shares Issued and Outstanding | Stated Value per Share | Initial Carrying Value | Accrued Preferred Dividends | Liquidation Preference | |||||||||||||||||||||||||||
1,000,000 | 3,138 | $ | 1,000 | $ | 3,138,000 | $ | 39,096 | $ | 3,177,096 |
September 30, 2021 | |||||||||||
Add: net loss attributable to non-controlling interests as of September 30, 2021 | $ | (130,837) | |||||||||
Less: dividends paid to non-controlling interests as of September 30, 2021 | 39,096 | ||||||||||
Less: Preferred share accretion adjustment | 100,039 | ||||||||||
Non-controlling interests | $ | (269,972) |
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | ||||||||||||||||
Net loss attributable to non-controlling interests | $ | (130,837) | $ | (130,837) |
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | ||||||||||||||||
Beginning balance - December 31, 2020 | $ | — | $ | — | |||||||||||||
Beginning redemption value (at fair value) | 3,138,000 | 3,138,000 | |||||||||||||||
Less: Non-controlling redeemable preferred shares - embedded derivatives | 497,606 | 497,606 | |||||||||||||||
Adjusted initial carrying value | 2,640,394 | 2,640,394 | |||||||||||||||
Deferred finance costs adjustment | (16,473) | (16,473) | |||||||||||||||
Preferred share Accretion adjustment | 100,039 | 100,039 | |||||||||||||||
Ending balance - September 30, 2021 | $ | 2,723,960 | $ | 2,723,960 |
Three Months Ended September 30, | Period-over-Period Change | Nine Months Ended September 30, | Period-over-Period Change | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change ($) | Change (%) | 2021 | 2020 | Change ($) | Change (%) | ||||||||||||||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||||||||||||||
Products and services | $ | 682,900 | $ | 541,349 | $ | 141,551 | 26 | % | $ | 1,761,319 | $ | 901,395 | $ | 859,924 | 95 | % | |||||||||||||||||||||||||||||||
Grants | 480,104 | 799,561 | (319,457) | (40) | % | 1,182,047 | 1,847,988 | (665,941) | (36) | % | |||||||||||||||||||||||||||||||||||||
Total revenue | 1,163,004 | 1,340,910 | (177,906) | (13) | % | 2,943,366 | 2,749,383 | 193,983 | 7 | % | |||||||||||||||||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||||||||||||||||
Cost of product and service revenue | 387,582 | 32,125 | 355,457 | 1,106 | % | 877,468 | 65,329 | 812,139 | 1,243 | % | |||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 6,599,490 | 1,366,472 | 5,233,018 | 383 | % | 16,352,021 | 3,083,892 | 13,268,129 | 430 | % | |||||||||||||||||||||||||||||||||||||
Research and development expense | 1,622,608 | 770,696 | 851,912 | 111 | % | 4,574,803 | 1,977,781 | 2,597,022 | 131 | % | |||||||||||||||||||||||||||||||||||||
Total operating expenses | 8,609,680 | 2,169,293 | 6,440,387 | 297 | % | 21,804,292 | 5,127,002 | 16,677,290 | 325 | % | |||||||||||||||||||||||||||||||||||||
Operating loss | (7,446,676) | (828,383) | (6,618,293) | 799 | % | (18,860,926) | (2,377,619) | (16,483,307) | 693 | % | |||||||||||||||||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||||||||||||||||
Interest income (expense) | 3,220 | (48,457) | 51,677 | (107) | % | (592,345) | (55,787) | (536,558) | 962 | % | |||||||||||||||||||||||||||||||||||||
Change in fair value of conversion option on convertible notes | — | 19,000 | (19,000) | 100 | % | — | 19,000 | (19,000) | 100 | % | |||||||||||||||||||||||||||||||||||||
Change in fair value of private warrants liability | 557,000 | — | 557,000 | 100 | % | 627,228 | — | 627,228 | 100 | % | |||||||||||||||||||||||||||||||||||||
Change in fair value of derivative liability | (12,179) | — | (12,179) | 100 | % | (12,179) | — | (12,179) | 100 | % | |||||||||||||||||||||||||||||||||||||
Other, net | (69,647) | 75,590 | (145,237) | (192) | % | 321,914 | 81,246 | 240,668 | 296 | % | |||||||||||||||||||||||||||||||||||||
Total other (expense) income, net | 478,394 | 46,133 | 432,261 | 937 | % | 344,618 | 44,459 | 300,159 | 675 | % | |||||||||||||||||||||||||||||||||||||
Loss before taxes | (6,968,282) | (782,250) | (6,186,032) | 791 | % | (18,516,308) | (2,333,160) | (16,183,148) | 694 | % | |||||||||||||||||||||||||||||||||||||
Income tax (benefit) expense | — | — | — | — | % | 1,000 | 1,000 | — | — | % | |||||||||||||||||||||||||||||||||||||
Net loss | $ | (6,968,282) | $ | (782,250) | $ | (6,186,032) | 791 | % | $ | (18,517,308) | $ | (2,334,160) | $ | (16,183,148) | 693 | % | |||||||||||||||||||||||||||||||
Less: Net loss attributable to non-controlling interests | (130,837) | — | (130,837) | 100 | % | (130,837) | — | (130,837) | 100 | % | |||||||||||||||||||||||||||||||||||||
Net loss attributable to Nuvve Holding Corp. | $ | (6,837,445) | $ | (782,250) | $ | (6,055,195) | 774 | % | $ | (18,386,471) | $ | (2,334,160) | $ | (16,052,311) | 688 | % |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Net cash (used in) provided by: | |||||||||||
Operating activities | $ | (23,478,507) | $ | (1,269,241) | |||||||
Investing activities | 7,784 | (22,504) | |||||||||
Financing activities | 62,159,593 | 1,138,497 | |||||||||
Effect of exchange rate on cash and restricted cash | 150,547 | (95,399) | |||||||||
Net increase (decrease) in cash and restricted cash | $ | 38,839,417 | $ | (248,647) |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Expected life of options (in years) | 6.0 | — | |||||||||
Dividend yield | 0 | % | — | ||||||||
Risk-free interest rate | 1.02 | % | — | ||||||||
Expected volatility | 60.2 | % | — |
Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares That May Yet be Purchased under the Plans or Programs | ||||||||||||||||||||
Mar. 1 – Mar. 31 | 600,000 | $ | 10.00 | 600,000 | — | ||||||||||||||||||
April 1 - June 30 | 134,500 | $ | 14.87 | 134,500 | — | ||||||||||||||||||
July 1 - September 30 | — | $ | — | — | — | ||||||||||||||||||
Total | 734,500 | — |
Incorporation by Reference | ||||||||||||||||||||||||||
Exhibit No. | Description | Form | Exhibit No. | Filing Date | ||||||||||||||||||||||
2.1 | Amendment No. 1 to Merger Agreement dated February 20, 2021 | 8-K† | 1.1 | 2/23/2021 | ||||||||||||||||||||||
3.1 | Amended and Restated Certificate of Incorporation | 8-K | 3.1 | 3/25/2021 | ||||||||||||||||||||||
3.2 | Amended and Restated Bylaws | 8-K | 3.2 | 3/25/2021 | ||||||||||||||||||||||
4.1 | Warrant Agreement, dated February 13, 2020, by and between Continental Stock Transfer & Trust Company and the Registrant | 8-K† | 4.5 | 2/20/2020 | ||||||||||||||||||||||
4.2 | Amendment No. 1 to Warrant Agreement | 8-K | 4.4 | 3/25/2021 | ||||||||||||||||||||||
4.3 | Unit Purchase Option, dated February 19, 2020, between the Registrant and Chardan Capital Markets LLC | 8-K† | 4.7 | 2/20/2020 | ||||||||||||||||||||||
4.4 | Amendment No. 1 to Unit Purchase Option | 8-K | 4.6 | 3/25/2021 | ||||||||||||||||||||||
10.1 | Indemnification Escrow Agreement | 8-K | 10.1 | 3/25/2021 | ||||||||||||||||||||||
10.2 | Earn-out Escrow Agreement | 8-K | 10.2 | 3/25/2021 | ||||||||||||||||||||||
10.3 | Form of Lock-Up Agreement | 424B3 | Annex A (Ex. A) | 2/17/2021 | ||||||||||||||||||||||
10.4 | Amended and Restated Registration Rights Agreement | 424B3 | Annex A (Ex. B) | 2/17/2021 | ||||||||||||||||||||||
10.5 | Stockholder’s Agreement | 8-K | 10.5 | 3/25/2021 | ||||||||||||||||||||||
10.6 | Form of PIPE Subscription Agreement | 8-K | 10.6 | 3/25/2021 | ||||||||||||||||||||||
10.7 | Form of PIPE Registration Rights Agreement | 8-K | 10.7 | 3/25/2021 | ||||||||||||||||||||||
10.8 | Purchase and Option Agreement | 8-K | 10.8 | 3/25/2021 | ||||||||||||||||||||||
10.9 | Nuvve Holding Corp. 2020 Equity Incentive Plan | 424B3 | Annex C | 2/17/2021 | ||||||||||||||||||||||
10.10 | Employment Agreement with Gregory Poilasne | 8-K | 10.10 | 3/25/2021 | ||||||||||||||||||||||
10.11 | Employment Agreement with Ted Smith | 8-K | 10.11 | 3/25/2021 | ||||||||||||||||||||||
10.12 | Employment Agreement with David Robson | 8-K | 10.12 | 3/25/2021 | ||||||||||||||||||||||
10.13 | Form of Indemnification Agreement | 8-K | 10.13 | 3/25/2021 | ||||||||||||||||||||||
10.14# | IP Acquisition Agreement, effective November 2, 2017, between University of Delaware and Nuvve Corporation | S-4 | 10.16 | 2/4/2021 | ||||||||||||||||||||||
10.15# | Amended and Restated Research Agreement, dated September 1, 2017, between University of Delaware and Nuvve Corporation | S-4 | 10.17 | 2/4/2021 | ||||||||||||||||||||||
10.16 | Paycheck Protection Program Note, dated April 30, 2020, issued by Nuvve Corporation to Silicon Valley Bank | S-4 | 10.18 | 2/4/2021 | ||||||||||||||||||||||
10.17# | 8-K/A | 10.1 | 8/8/2021 | |||||||||||||||||||||||
10.18# | 8-K/A | 10.2 | 8/8/2021 | |||||||||||||||||||||||
10.19# | 8-K/A | 10.3 | 8/8/2021 | |||||||||||||||||||||||
10.20# | 8-K/A | 10.4 | 8/8/2021 | |||||||||||||||||||||||
10.21# | 8-K/A | 10.5 | 8/8/2021 | |||||||||||||||||||||||
31.1 | * | |||||||||||||||||||||||||
31.2 | * | |||||||||||||||||||||||||
32.1 | + | |||||||||||||||||||||||||
32.2 | + | |||||||||||||||||||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | + | ||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | + | ||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | + | ||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | + | ||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document | + | ||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | + | ||||||||||||||||||||||||
104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | + |
NUVVE HOLDING CORP. | ||||||||
By: | /s/ Gregory Poilasne | |||||||
Gregory Poilasne Chief Executive Officer |