Business
Nuvve Corporation and Newborn Acquisition Corp. Close Business Combination
Nuvve to Begin Trading on Nasdaq Capital Market on Tuesday March 23 SAN DIEGO, March 22, 2021 /PRNewswire/ -- Nuvve Holding Corp. ("Nuvve") (Nasdaq: NVVE), a
About this update from Nuvve Holding Corp.
[{"type":"text","content":"Nuvve to Begin Trading on Nasdaq Capital Market on Tuesday March 23\n\n\nSAN DIEGO, March 22, 2021 /PRNewswire/ -- Nuvve Holding Corp. (\"Nuvve\") (Nasdaq: NVVE), a global technology leader accelerating the electrification of transportation through its proprietary vehicle-to-grid V2G platform, and Newborn Acquisition Corp. (\"Newborn\") (Nasdaq: NBAC), a publicly traded special purpose acquisition company, today announced that the two companies have completed their business combination (the \"Business Combination\"). The Business Combination was approved by Newborn shareholders on March 17, 2021 (Hong Kong time). \n\n \n \n \n \n \n \n\n \nNuvve has been approved for listing on the Nasdaq Capital Market and expects to begin trading under the new symbols on Tuesday, March 23, 2021. Newborn securities will continue to trade today, Monday, March 22, 2021. When they begin trading tomorrow, shares of common stock and warrants of the new combined company will be traded under the ticker symbol \"NVVE\" and \"NVVEW,\" respectively. \nIn connection with the business combination and related private placement, Nuvve received approximately $62 million in cash proceeds. The funds are expected to be used by Nuvve to further develop its offerings by combining its turnkey V2G solutions with finance packages to customers, including equipment financing, V2G services, infrastructure and maintenance operations. Independent industry analysts have projected the global V2G technology market to be worth over $17 billion by 2027.\nGregory Poilasne, the chairman and Chief Executive Officer of Nuvve, commented, \"Today is an exciting day in the history of Nuvve as we will officially begin trading on the Nasdaq tomorrow. The rapid adoption of electric vehicles is driving a need for the industry to look at innovative solutions to address the demands that will be placed on the grid. Nuvve's proprietary vehicle-to-grid (V2G) technology solves these future challenges by enabling electric vehicle batteries to store and discharge energy, integrate renewable energy sources such as solar and wind, combine energy from multiple electric vehicle batteries to form a virtual power plant (VPP), and provide bidirectional services to the electrical grid in a qualified and secure manner. With a global portfolio of key V2G technology patents covering bidirectional capabilit...