Why Are Shares Of Nuuve Trending?

Shares of Nuvve Holding Corp. (NASDAQ:NVVE) are on watch after the company regained compliance with the minimum bid rule.

Private Placement Saves Nuuve

At the end of December, Nuuve said in an SEC filing that it had raised $5.4 million after issuing 6,000 Series A stock. The company has struggled recently, with the stock value falling 96% over the past year.

Management Expands Business

Nuuve sent a letter to shareholders late last year announcing a strategic expansion of its business focus to include stationary energy storage systems and microgrids. A series of recently announced partnerships align with the new direction.

The company’s Denmark arm signed an MOU for battery energy storage systems, and the project is expected to bring in at least $1.5 million annually. The company also signed onto a battery-as-a-service project in New Mexico and another battery storage project in Japan.

Nuuve Stock Continues To Fall

NVVE Price Action: Shares were down 19.96% at $3.77 at the time of publication, according to Benzinga Pro.

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