Nuvve settles Rhombus arbitration for $2.86M; regains Nasdaq bid price compliance

Nuvve Holding Corp.

Agreed to pay Rhombus $0.46M within 15 days for initial V2G chargers; $2.4M for additional chargers upon shipment.
50% of $2.4M due within 12 months, remainder within 24 months; all claims released and dismissed.
Regained compliance with Nasdaq minimum bid price rule after 10 consecutive business days above $1.00.
Nasdaq notified compliance on Feb 5, 2024, resolving prior delisting risk from bid price deficiency.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Nuvve Holding Corp. entered into Settlement Agreement with Rhombus Energy Solutions, Inc., a BorgWarner Company valued at approximately $0.46 million (effective 2024-02-02).

Action: entry
Agreement: settlement
Counterparty: Rhombus Energy Solutions, Inc., a BorgWarner Company
Value: approximately $0.46 million
Effective: 2024-02-02

Exact text from the filing

On February 2, 2024 (the “Effective Date”), the Company and Rhombus entered into a settlement and release agreement (the “Settlement Agreement”) pursuant to which, among other things, the Company agreed to pay Rhombus approximately $0.46 million for certain initial V2G Chargers within 15 days from the Effective Date.

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Nuvve Holding Corp. filing history →

Source: SEC EDGAR

accession 0001836875-24-000026

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