NEW YORK, July 23, 2026, 14:13 EDT —
Nuvve Holding Corp. NASDAQ:NVVE fell 45.6% to $3.15 on Thursday. Nasdaq plans to suspend trading at Friday’s market open. The last trade was recorded at 13:52 EDT, while U.S. markets remained open.
Nuvve expects its shares to start trading on Pink Limited Friday. It plans to seek OTCID, then OTCQB. The company may appeal within 15 days.
The venue shift matters. OTC securities sit outside national exchanges. Quote restrictions can reduce liquidity and share value, the SEC says.
The investor issue is capital. Nuvve reported a $0.47 million stockholders’ deficit at March 31. Preliminary estimate: that was $2.97 million below Nasdaq’s minimum, before later transactions.
The July 6 reverse split lifted the quote. It did not close that balance-sheet gap.
The panel’s conditions show the mismatch:
| Nasdaq test | Panel condition | Latest verified position |
|---|---|---|
| Quarterly report | File first-quarter Form 10-Q by July 13 | Filed July 15. SEC |
| Stockholders’ equity | At least $2.5 million by July 13 | March 31 balance sheet showed a $0.47 million deficit. SEC |
| Bid price | At least $1 for 20 straight business days by July 31 | Last trade was $3.15 after the July 6 split; suspension is set for July 24. SEC |
The delayed quarter showed top-line growth, but not self-funding. Revenue rose 49% to $1.39 million. Operating loss widened to $5.84 million from $5.59 million.
Cash was $1.73 million at March 31. Quarterly operating cash use was $6.00 million. Preliminary estimate: cash equaled 0.86 months of that burn rate. The estimate excludes later financing and working-capital shifts.
Management said substantial doubt remained about Nuvve’s ability to continue as a going concern. It expected more losses and said additional funding was needed.
A separate filing this week left a potential funding channel in place. Nuvve said an expected equity-line termination had not occurred. The facility allows up to $25 million of stock sales, subject to conditions. That could supply cash, but may dilute holders.
Trading intensity reflected that uncertainty. Volume reached 9.58 million shares by 13:52. Preliminary estimate: that was 18.3 times the roughly 524,652 split-adjusted shares disclosed in June. The same shares can trade repeatedly.
The selloff was company-specific. ChargePoint Holdings Inc. NYSE:CHPT fell 5.5%, while Blink Charging Co. NASDAQ:BLNK was nearly flat.
For investors, the appeal case now turns on more than price. Nuvve must show timely reporting, adequate equity and bid-price compliance. The filing did not say whether it will appeal.
Risks include an uncertain appeal, lower OTC liquidity and dilution from new financing. Failure to raise capital would deepen going-concern pressure.
