Nuvve (NVVE) said late Wednesday that it has closed a private placement of Series A convertible preferred stock and related warrants, raising gross proceeds of $5.4 million.
The company sold 6,000 Series A preferred shares to institutional investors and issued warrants to buy up to 2.5 million common shares.
Nuvve said it will use the net proceeds for working capital and general corporate purposes and expects the financing to restore Nasdaq equity compliance by Dec. 31.
Shares of Nuvve were down over 25% in after-hours trading.
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