Nasdaq has filed formal notice to remove the common stock of Nuvve Holding Corp., the San Diego vehicle-to-grid company, from listing. A Form 25 notification of removal, signed on Oct. 8, 2026 by Nasdaq Hearings Advisor Aravind Menon and filed with the SEC on Oct. 9, certifies under 17 CFR 240.12d2-2(b) that the exchange complied with its rules to strike the class from listing and/or withdraw registration. The form follows a delisting process that began with a Nasdaq notice in April and a scheduled suspension of Nasdaq trading in July.
The day before Nasdaq signed the form, two of Nuvve's directors left the board. Laura Huang, who chaired the Compensation Committee, and David Sherman, who chaired the Audit Committee, each resigned effective immediately on Oct. 7, according to an 8-K filed Oct. 13. The cover page of that filing lists Nuvve's common stock, under the symbol NVVE, on the OTCQB Market.
Nuvve says its GIVe software platform manages power to and from EV batteries, stationary batteries and the grid, aggregating them into a virtual power plant that provides bidirectional grid services. Its longest-running commercial operation is in Denmark, where the company says it has provided V2G services for more than nine years, according to its annual report for 2025.
How the delisting unfolded
On April 20, 2026, Nasdaq's Listing Qualifications Department notified Nuvve that, because of its continued non-compliance with the bid-price rule, its securities were subject to delisting unless it requested a hearing, which the company did. On May 22, Nasdaq notified the company that its non-compliance with the periodic-reporting rule, tied to its quarterly report for the period ended March 31, 2026, could serve as an additional basis for delisting. At a hearing before the Nasdaq Hearings Panel on May 28, Nuvve presented its plan to regain compliance.
The panel issued a decision on July 9 that required the quarterly report to be filed and stockholders' equity compliance to be shown by July 13, and bid-price compliance for 20 consecutive business days by July 31. On July 22, Nasdaq notified Nuvve that the panel had determined to delist the stock from the Nasdaq Capital Market. In an 8-K filed July 23, Nuvve said the panel cited its failure to demonstrate compliance with three rules:
- Listing Rule 5250(c)(1), the periodic filing requirement, particularly the Form 10-Q for the period ended March 31, 2026;
- Listing Rule 5550(a)(1), the $1.00 bid price requirement;
- Listing Rule 5550(b)(1), the $2,500,000 stockholders' equity requirement.
The delist notice set the suspension of Nasdaq trading for the open of the market on Friday, July 24, 2026, and Nuvve said it expected its shares to begin trading that day on the Pink Limited Information Tier of the OTC Markets system under the symbol NVVE, with plans to seek inclusion in the OTCID tier and then the OTCQB tier. The company could appeal to the Nasdaq Listing and Hearing Review Council within 15 days, and the council could separately elect to review the matter within 45 days. If neither happened, the filing said, Nasdaq would file a Form 25 with the SEC to formally effect the delisting once all appeal and review periods had lapsed.
| Date (2026) | Event |
|---|---|
| April 20 | Nasdaq staff notifies Nuvve of bid-price delisting determination |
| May 22 | Nasdaq cites periodic-reporting deficiency (Q1 2026 10-Q) as additional basis |
| May 28 | Hearing before the Nasdaq Hearings Panel |
| July 9 | Panel sets compliance deadlines of July 13 and July 31 |
| July 22 | Nasdaq notifies Nuvve the panel has determined to delist |
| July 24 | Scheduled suspension of Nasdaq trading at the open |
| Sept. 10 | $280,000 convertible note sold; Series A preferred exchanged for Series C |
| Sept. 26 | Exercise price of outstanding AIR warrants reduced to $1.00 |
| Oct. 7 | Directors Laura Huang and David Sherman resign |
| Oct. 8 | Nasdaq signs Form 25 (filed Oct. 9) |
Two committee chairs leave the board
Huang resigned from the board and each of its committees. Besides chairing the Compensation Committee, she sat on the Nominating and Corporate Governance Committee. Sherman, who also resigned from the board and each committee, chaired the Audit Committee and was a member of the Compensation Committee and the Nominating and Corporate Governance Committee. The Oct. 13 filing is signed by Nuvve CEO Gregory Poilasne.
Financing in the same window
Between the scheduled trading suspension and the Form 25, Nuvve disclosed two financing transactions.
On Sept. 10, the company sold FirstFire Global Opportunities Fund, LLC a $280,000 convertible promissory note, according to an 8-K filed Sept. 16. The note carries a $30,000 original issue discount, so the purchase price was $250,000. It bears 12% annual interest and matures on Sept. 10, 2027. Beginning six months after issuance, the holder may convert at the lesser of $1.40 per share or 85% of the lowest trading price during the 10 trading days before conversion, subject to a 4.99% beneficial-ownership limit. In the same filing, Nuvve reported that holders of all 2,238.655 outstanding shares of its Series A Preferred Stock agreed to exchange them for the same number of shares of a newly designated Series C Convertible Preferred Stock with a $1,000 stated value per share.
On Sept. 26, Nuvve reduced the exercise price of its outstanding warrants issued under the Additional Investment Right of an Oct. 31, 2024 purchase agreement to $1.00 and removed the floor price for their remaining term. Investors then exercised 253,954 of those warrants, for total gross proceeds of approximately $253,954, according to an 8-K dated Oct. 6 and filed Oct. 7.
What It Means for Drivers
The Form 25 and the board departures concern where Nuvve's shares trade and who sits on its board. Drivers and fleet operators enrolled in vehicle-to-grid programs that run on Nuvve's GIVe platform should take questions about service, payments or contract terms to their program operator or to Nuvve directly.
Nuvve reports material events, including financing agreements and board changes, in 8-K filings posted on its EDGAR page (CIK 1836875), where fleet and program partners can follow any further changes at the company.
Sources
- Form 25-NSE: Notification of removal from listing, Nuvve Holding Corp. (Nasdaq Stock Market LLC, filed Oct. 9, 2026)
- Nuvve 8-K, Item 3.01 Notice of Delisting (filed July 23, 2026)
- Nuvve 8-K, Item 5.02 Director departures (filed Oct. 13, 2026)
- Nuvve 8-K, Item 1.01 Warrant repricing (filed Oct. 7, 2026)
- Nuvve 8-K: convertible note and preferred exchange (filed Sept. 16, 2026)
- Nuvve Form 10-K for fiscal year 2025 (filed March 31, 2026)
