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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
(Amendment No. 1)
(MARK ONE)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________
Commission file number: 001-40296
NUVVE HOLDING CORP.
(Exact Name of Registrant as Specified in Its Charter)
Delaware86-1617000
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
2468 Historic Decatur Road, San Diego,California92106
(Address of principal executive offices)(Zip Code)
 (619)456-5161
(Registrant’s telephone number), including area code
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Common Stock, par value $0.0001 per shareNVVEThe Nasdaq Stock Market
Warrants to Purchase Common StockNVVEWThe Nasdaq Stock Market
Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
xYes   o No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
x Yes   o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated fileroAccelerated filero
Non-accelerated filerxSmaller reporting companyx
Emerging growth companyx
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
o Yes   x No
As of November 4, 2022, 24,230,108 shares of the issuer’s common stock, par value $0.0001 per share, were issued and outstanding.
EXPLANATORY NOTE

This Amendment No. 1 (this “Amendment”) amends the Quarterly Report on Form 10-Q for the nine months ended September 30, 2022, that we originally filed with the Securities and Exchange Commission (the “SEC”) on November 14, 2022 (the “Original Filing”). This Amendment is being filed to amend and restate the three and nine months ended September 30, 2022 and 2021 condensed consolidated financial statements due to the direct expensing of originally deferred financing costs, the reclassification of the related unvested warrants from equity to warrant liability in the second quarter of 2021, and the reclassification of certain other common stock warrants in the third quarter of 2022 from equity to warrant liability in the condensed consolidated balance sheets at fair value, with changes in fair value recorded in the condensed consolidated statements of operations, as described in Note 2 to the Condensed Consolidated Financial Statements of this amended Form 10-Q. Also, we updated Management’s Discussion and Analysis of Financial Condition and Results of Operations based on the restated financial information. This Amendment should be read in conjunction with the Company's amended 2021 Form 10-K/A.

In addition, as required by Rule 12b-15 under the Securities Exchange Action of 1934, as amended (the “Exchange Act”), this Amendment updates Item 4 material weakness, and revises Item 15 of Part IV to include currently dated certifications by our principal executive officer and principal financial officer as exhibits to this Amendment and updates the Exhibit Index to reflect the inclusion of these certifications.

Other than the items outlined above, this Amendment does not modify or update the Original Filing. This Amendment does not reflect events occurring after the date of the Original Filing or modify or update those disclosures that may be affected by subsequent events. Such subsequent matters are addressed in subsequent reports filed by us with the SEC.





NUVVE HOLDING CORP.
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2022
TABLE OF CONTENTS


i


Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q and other documents incorporated herein by reference contain forward-looking statements that are based on current expectations, estimates, forecasts and projections about us, our future performance, our financial condition, our products, our business strategy, our beliefs and our management’s assumptions. In addition, we, or others on our behalf, may make forward-looking statements in press releases or written statements, or in our communications and discussions with investors and analysts in the normal course of business through meetings, webcasts, phone calls and conference calls. These forward-looking statements can be identified by the use of words like “anticipates,” “estimates,” “projects,” “expects,” “plans,” “believes,” “intends,” “will,” “could,” “may,” “assumes” and other words of similar meaning. These statements are based on management’s beliefs, assumptions, estimates and observations of future events based on information available to our management at the time the statements are made and include any statements that do not relate to any historical or current fact. These statements are not guarantees of future performance and they involve certain risks, uncertainties and assumptions that are difficult to predict. Actual outcomes and results may differ materially from what is expressed, implied or forecast by our forward-looking statements due in part to the risks, uncertainties and assumptions described in Item 1A, “Risk Factors” in our Annual Report on Form 10-K (Amendment #2) for the year ended December 31, 2021, as well as those discussed elsewhere in this report and other factors described from time to time in our filings with the SEC.

Factors that could cause actual results to differ materially from those in forward-looking statements include, (i) risks related to the rollout of Nuvve's business and the timing of expected business milestones; (ii) Nuvve's dependence on widespread acceptance and adoption of electric vehicles and increased installation of charging stations; (iii) Nuvve's ability to maintain effective internal controls over financial reporting, including the remediation of identified material weaknesses in internal control over financial reporting relating to segregation of duties with respect to, and access controls to, its financial record keeping system, and Nuvve's accounting staffing levels; (iv) Nuvve's current dependence on sales of charging stations for most of its revenues; (v) overall demand for electric vehicle charging and the potential for reduced demand if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated or governmental mandates to increase the use of electric vehicles or decrease the use of vehicles powered by fossil fuels, either directly or indirectly through mandated limits on carbon emissions, are reduced, modified or eliminated; (vi) potential adverse effects on Nuvve's backlog, revenue and gross margins if customers increasingly claim clean energy credits and, as a result, they are no longer available to be claimed by Nuvve; (vii) the effects of competition on Nuvve's future business; (viii) risks related to Nuvve's dependence on its intellectual property and the risk that Nuvve's technology could have undetected defects or errors; (ix) the risk that we conduct a portion of our operations through a joint venture exposes us to risks and uncertainties, many of which are outside of our control; (x) that our joint venture with Levo Mobility LLC may fail to generate the expected financial results, and the return may be insufficient to justify our investment of effort and/or funds; (xi) changes in applicable laws or regulations; (xii) the COVID-19 pandemic and its effect directly on Nuvve and the economy generally; (xiii) risks related to disruption of management time from ongoing business operations due to our joint ventures; (xiv) risks relating to privacy and data protection laws, privacy or data breaches, or the loss of data; (xv) the possibility that Nuvve may be adversely affected by other economic, business, and/or competitive factors; and (xvi) risks related to the benefits expected from the $1.2 trillion dollar infrastructure bill passed by the U.S. House of Representatives (H.R. 3684), as well as other risks described in this Quarterly Report on Form 10-Q and other factors described from time to time in our filings with the SEC.

Given these risks and uncertainties, you should not rely on forward-looking statements as a prediction of actual results. Any or all of the forward-looking statements contained in this Quarterly Report on Form 10-Q and any other public statement made by us, including by our management, may turn out to be incorrect. We are including this cautionary note to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise, except as required under federal securities laws and the rules and regulations of the SEC.
ii


PART I—FINANCIAL INFORMATION
Item 1.    Interim Financial Statements.
NUVVE HOLDING CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, 2022December 31, 2021
Assets(As Restated) (1)
Current assets
Cash$21,635,356 $32,360,520 
Restricted cash480,000 380,000 
Accounts receivable, net1,063,903 1,886,708 
Inventories11,767,996 11,118,188 
Prepaid expenses and other current assets2,947,014 1,036,645 
Total Current Assets37,894,269  46,782,061 
Property and equipment, net591,257 356,194 
Intangible assets, net1,376,499 1,481,077 
Investments1,670,951 670,951 
Right-of-use operating lease assets5,418,912 3,483,042 
Financing receivables238,624 138,161 
Security deposit, long-term8,682 3,057 
Total Assets$47,199,194 $52,914,543 
Liabilities, Mezzanine Equity and Stockholders’ Equity 
Current Liabilities
Accounts payable$1,664,685 $5,738,873 
Accrued expenses3,436,815 2,874,018 
Deferred revenue1,014,152 719,771 
Operating lease liabilities - current708,441 41,513 
Other liabilities107,198 110,574 
Total Current Liabilities6,931,291 9,484,749 
Operating lease liabilities - noncurrent5,225,555 3,441,642 
Warrants liability993,646 9,543,000 
Derivative liability - non-controlling redeemable preferred shares531,257 511,948 
Other long-term liabilities13,013 18,860 
Total Liabilities13,694,762 23,000,199 
Commitments and Contingencies
Mezzanine equity
Redeemable non-controlling interests, preferred shares, zero par value, 1,000,000 shares authorized, 3,138 shares issued and outstanding at September 30, 2022 and December 31, 2021; aggregate liquidation preference of $3,396,672 and $3,200,760 at September 30, 2022 and December 31, 2021, respectively
3,386,297 2,901,899 
Class D Incentive units, zero par value, 1,000,000 units authorized, 250,000 units issued and outstanding at September 30, 2022
293,165  
Stockholders’ Equity
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; zero shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
  
Common stock, $0.0001 par value, 100,000,000 shares authorized; 22,897,935 and 18,861,130 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
2,292 1,888 
Additional paid-in capital142,781,162 122,336,607 
Accumulated other comprehensive income12,149 113,446 
Accumulated deficit(109,328,827)(92,937,863)
Nuvve Stockholders’ Equity 33,466,776 29,514,078 
Non-controlling interests(3,641,806)(2,501,633)
Total Stockholders’ Equity 29,824,970 27,012,445 
Total Liabilities, Mezzanine equity and Stockholders’ Equity $47,199,194 $52,914,543 
(1) See Note 2.

The accompanying notes are an integral part of these condensed consolidated financial statements.
1


NUVVE HOLDING CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Revenue(As Restated) (1)(As Restated) (1)(As Restated) (1)(As Restated) (1)
Products and services$487,818 $682,900 $3,809,631 $1,761,319 
Grants65,869 480,104 416,816 1,182,047 
Total revenue553,687 1,163,004 4,226,447 2,943,366 
Operating expenses
Cost of product and service revenue276,485 387,582 3,453,393 877,468 
Selling, general, and administrative7,163,673 6,599,490 22,925,745 16,352,021 
Research and development1,715,821 1,622,608 6,021,535 4,574,803 
Total operating expenses9,155,979 8,609,680 32,400,673 21,804,292 
Operating loss(8,602,292)(7,446,676)(28,174,226)(18,860,926)
Other income (expense) 
Interest income (expense)39,150 3,220 47,553 (592,345)
Financing costs (2,936,794) (46,754,794)
Change in fair value of warrants liability1,852,700 3,715,000 11,213,700 639,600 
Change in fair value of derivative liability(40,245)(12,179)(19,309)(12,179)
Other, net89,222 (69,647)81,455 321,914 
Total other income (expense), net1,940,827 699,600 11,323,399 (46,397,804)
Loss before taxes(6,661,465)(6,747,076)(16,850,827)(65,258,730)
Income tax expense     1,000 
Net loss$(6,661,465)$(6,747,076)$(16,850,827)$(65,259,730)
Less: Net loss attributable to non-controlling interests(168,985)(2,059,867)(459,863)(2,059,867)
Net loss attributable to Nuvve Holding Corp.$(6,492,480)$(4,687,209)$(16,390,964)$(63,199,863)
Less: Preferred dividends on redeemable non-controlling interests66,601 39,096 195,912 39,096 
Less: Accretion on redeemable non-controlling interests preferred shares161,466 100,039 484,398 100,039 
Net loss attributable to Nuvve common stockholders$(6,720,547)$(4,826,344)$(17,071,274)$(63,338,998)
Net loss per share attributable to Nuvve common stockholders, basic and diluted$(0.31)$(0.26)$(0.85)$(3.98)
Weighted-average shares used in computing net loss per share attributable to Nuvve common stockholders, basic and diluted21,952,882 18,627,978 19,972,016 15,931,466 

(1) See Note 2.
The accompanying notes are an integral part of these condensed consolidated financial statements.
2


NUVVE HOLDING CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(As Restated) (1)(As Restated) (1)(As Restated) (1)(As Restated) (1)
Net loss $(6,661,465)$(6,747,076)$(16,850,827)$(65,259,730)
Other comprehensive (loss) income, net of taxes
Foreign currency translation adjustments, net of taxes(61,299)51,179 (101,297)147,782 
Total Comprehensive loss $(6,722,764)$(6,695,897)$(16,952,124)$(65,111,948)
Less: Comprehensive loss attributable to non-controlling interests(168,985)(2,059,867)(459,863)(2,059,867)
Comprehensive loss attributable to Nuvve Holding Corp.$(6,553,779)$(4,636,030)$(16,492,261)$(63,052,081)
Less: Preferred dividends on redeemable non-controlling interests(66,601)(39,096)(195,912)(39,096)
Less: Accretion on redeemable non-controlling interests preferred shares(161,466)(100,039)(484,398)(100,039)
Comprehensive loss attributable to Nuvve common stockholders$(6,325,712)$(4,496,895)$(15,811,951)$(62,912,946)

(1) See Note 2.
The accompanying notes are an integral part of these condensed consolidated financial statements.
3


NUVVE HOLDING CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
Common StockAdditional
Paid-in
Capital
Accumulated Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Non-controlling InterestsTotal
SharesAmount
Balances December 31, 202118,861,130 $1,888 $122,336,607 $113,446 $(92,937,863)$(2,501,633)27,012,445 
Exercise of stock options and vesting of restricted stock30,370 3 — — — — 3 
Stock-based compensation— — 1,455,641 — — — 1,455,641 
Currency translation adjustment— — — (13,684)— — (13,684)
Preferred dividends - non-controlling interest— — — — — (64,015)(64,015)
Accretion on redeemable non-controlling interests preferred shares— — — — — (161,466)(161,466)
Net loss— — — — (4,630,328)(100,933)(4,731,261)
Balances March 31, 202218,891,500 1,891 123,792,248 99,762 (97,568,191)(2,828,047)23,497,663 
Exercise of stock options and vesting of restricted stock options360,018 50 173,575 — — — 173,625 
Stock-based compensation— — 1,640,055 — — — 1,640,055 
Proceeds from forward option put exercise134,499 13 1,994,059 — — — 1,994,072 
Proceeds from common stock offering, net of offering costs323,746 32 1,859,653 — — — 1,859,685 
Currency translation adjustment— — — (26,314)— — (26,314)
Preferred dividends - non-controlling interest— — — — — (65,296)(65,296)
Accretion on redeemable non-controlling interests preferred shares— — — — — (161,466)(161,466)
Net loss— — — — (5,268,156)(189,945)(5,458,101)
Balances June 30, 202219,709,763 1,986 129,459,590 73,448 (102,836,347)(3,244,754)23,453,923 
Exercise of stock options and vesting of restricted stock options(10,964)(14)35,717 — — — 35,703 
Stock-based compensation— — 976,835 — — — 976,835 
Proceeds from common stock offering, net of offering costs469,136 47 1,903,764 — — — 1,903,811 
Currency translation adjustment— — — (61,299)— — (61,299)
Preferred dividends - non-controlling interest— — — — — (66,601)(66,601)
Issuance of Common Shares related to Warrants580,000 58 — — — — 58 
Proceeds from Direct Offering (As Restated) (1)2,150,000 215 10,405,256 — — — 10,405,471 
Accretion on redeemable non-controlling interests preferred shares— — — — —  (161,466)(161,466)
Net loss (As Restated) (1)— — — — (6,492,480)(168,985)(6,661,465)
Balances 9/30/2022 (As Restated) (1)22,897,935 $2,292 $142,781,162 $12,149 $(109,328,827)$(3,641,806)$29,824,970 
(1) See Note 2.

The accompanying notes are an integral part of these condensed consolidated financial statements.


4


NUVVE HOLDING CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (continued)
(Unaudited)

Series A Convertible
Preferred Stock
Common StockAdditional
Paid-in
Capital
Accumulated Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Non-controlling InterestsTotal
SharesAmountSharesAmount
Balances Pre-IPO - 12/30/2020, as previously reported16,789,088 $1,679 26,162,122 $2,616 $19,650,659 $(77,841)$(20,457,823)$ $(880,710)
Conversion of shares due to merger capitalization(16,789,088)(1,679)(17,039,126)(1,704)3,383 — — —  
Balances Post--IPO - 12/30/2020, as previously reported— — 9,122,996 912 19,654,042 (77,841)(20,457,823) (880,710)
Beneficial conversion feature - convertible debenture— — — — 427,796 — — — 427,796 
Conversion of convertible debenture— — 544,178 54 3,999,381 — — — 3,999,435 
Repurchase of common stock from EDF— — (600,000)(60)(5,999,940)— — — (6,000,000)
Assumption of private warrant liability from Newborn— — — — (1,253,228)— — — (1,253,228)
Merger recapitalization, net of share redemption of $18,629 and issuance costs of $5,979,675
— — 8,060,418 806 51,750,557 — — — 51,751,363 
Placement agent fee paid in common stock— — 208,532 21 2,085,299 — — — 2,085,320 
PIPE offering, less issuance costs of $2,500
— — 1,425,000 143 14,247,357 — — — 14,247,500 
Notice of exercise of put option— — — — (2,000,000)— — — (2,000,000)
Stock-based compensation— — — — 262,105 — — — 262,105 
Currency translation adjustment— — — — — 116,749 — — 116,749 
Net loss— — — — — — (5,361,720)— (5,361,720)
Balances March 31, 2021  18,761,124 1,876 83,173,369 38,908 (25,819,543) 57,394,610 
Additional merger recapitalization costs— — — — (265,736)— — — (265,736)
Buyback of shares related to exercise of put option— — (134,500)(13)13 — — —  
Issuance of common shares— —  — — — —  
Issuance of warrants to Stonepeak and Evolve (As Restated) (1)— — — — 22,256,628 — — — 22,256,628 
Issuance of options to purchase shares of common stock to Stonepeak and Evolve— — — — 12,584,000 — — — 12,584,000 
Stock-based compensation— — — — 1,090,603 — — — 1,090,603 
Currency translation adjustment— — — — — (20,146)— — (20,146)
Net loss (As Restated) (1)— — — — — — (53,150,934)— (53,150,934)
Balances June 30, 2021 $ 18,626,624 $1,863 $118,838,877 $18,762 $(78,970,477) $39,889,025 
Exercise of stock options— — 7,913 2 18,323 — — — 18,325 
Stock-based compensation— — — — 1,337,373 — — — 1,337,373 
Currency translation adjustment— — — — — 51,179 — — 51,179 
Preferred dividends - non-controlling interest — — — — — — — (39,096)(39,096)
Accretion on redeemable non-controlling interests preferred shares— — — — — — —  (100,039)(100,039)
Net loss (As Restated) (1)— — — — — — (4,687,209)(2,059,867)(6,747,076)
Balances 9/30/2021 (As Restated) (1) $ 18,634,537 $1,865 $120,194,573 $69,941 $(83,657,686)$(2,199,002)$34,409,691 
(1) See Note 2.
The accompanying notes are an integral part of these condensed consolidated financial statements.
5


NUVVE HOLDING CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30,
 20222021
Operating activities(As Restated ) (1)(As Restated ) (1)
Net loss$(16,850,827)$(65,259,730)
Adjustments to reconcile to net loss to net cash used in operating activities
Depreciation and amortization211,220 122,352 
Stock-based compensation4,487,003 2,690,081 
Financing costs 46,754,794 
Beneficial conversion feature on convertible debenture 427,796 
Accretion of discount on convertible debenture 116,147 
Change in fair value of warrants liability(11,213,700)(639,600)
Change in fair value of derivative liability19,309  
Loss on disposal of asset 1,349 
Gain on extinguishment of PPP Loan (492,100)
Noncash lease expense336,903 2,141 
Change in operating assets and liabilities
Accounts receivable818,758 (99,963)
Inventory(649,809)(5,126,698)
Prepaid expenses and other assets(2,040,485)(4,062,202)
Accounts payable(4,070,611)(240,200)
Accrued expenses443,491 2,260,833 
Deferred revenue324,660 66,493 
Net cash used in operating activities(28,184,088)(23,478,507)
Investing activities
Proceeds from sale of property and equipment 7,784 
Purchase of property and equipment(349,182) 
Investments(1,000,000) 
Net cash (used) provided in investing activities(1,349,182)7,784 
Financing activities
Proceeds from Newborn Escrow Account 58,184,461 
Redemption of Newborn shares (18,629)
Issuance costs related to reverse recapitalization and PIPE offering (3,970,657)
Proceeds from PIPE offering 14,250,000 
Repayment of Newborn sponsor loans (487,500)
Repurchase of common stock from EDF (6,000,000)
Newborn cash acquired 50,206 
Purchase of stock from investor (2,000,000)
Payment of financing costs (1,000,000)
Proceeds from forward option put exercise1,994,073  
Proceeds from exercise of pre-funded warrants related to Direct Offering58  
Proceeds from Direct Offering of common stock, net of offering costs13,069,815  
Proceeds from common stock offering, net of offering costs3,763,494  
Payment of finance lease obligations(7,396)(4,613)
Proceeds from exercise of stock options209,280 18,325 
Issuance of Preferred Stock 3,138,000 
Net cash provided in financing activities19,029,324 62,159,593 
Effect of exchange rate on cash(121,218)150,547 
Net (decrease) increase in cash and restricted cash(10,625,164)38,839,417 
Cash and restricted cash at beginning of year32,740,520 2,275,895 
Cash and restricted cash at end of period$22,115,356 $41,115,312 
(1) See Note 2.
The accompanying notes are an integral part of these condensed consolidated financial statements.
6


NUVVE HOLDING CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(Unaudited)
Nine Months Ended September 30,
20222021
Supplemental Disclosure of Noncash Financing Activity
Conversion of preferred stock to common stock$ $1,679 
Conversion of debenture and accrued interest to common shares$ $3,999,435 
Conversion of shares due to reverse recapitalization$ $3,383 
Issuance of common stock for merger success fee$ $2,085,299 
Non-cash merger transaction costs$ $2,085,299 
Accrued transaction costs related to reverse recapitalization$ $189,434 
Issuance of private warrants$ $1,253,228 
Forgiveness of PPP Loan$ $492,100 
Issuance of Stonepeak and Evolve warrants$ $30,234,000 
Issuance of Stonepeak and Evolve options$ $12,584,000 
Transfer of Inventory to property and equipment$87,095 $ 
The accompanying notes are an integral part of these condensed consolidated financial statements.
7

NUVVE HOLDING CORP. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 – Organization and Description of Business
Description of Business
Nuvve Holding Corp., a Delaware corporation headquartered in San Diego, California (the “Company” or “Nuvve”), was founded on November 10, 2020 under the laws of the state of Delaware. On March 19, 2021, the Company (at the time known as NB Merger Corp.) acquired the outstanding shares of Nuvve Corporation (“Nuvve Corp.”), and the Company changed its name to Nuvve Holding Corp.
Structure of the Company
Nuvve has two wholly owned subsidiaries, Nuvve Corp. and Nuvve Pennsylvania LLC. Nuvve Corp. has four wholly owned subsidiaries: (1) Nuvve Denmark ApS, (“Nuvve Denmark”), a company registered in Denmark, (2) Nuvve SaS, a company registered in France, (3) Nuvve KK (Nuvve Japan), a company registered in Japan, and (4) Nuvve LTD, a company registered in United Kingdom. Nuvve Norway, a company registered in Norway is a branch of Nuvve Denmark. In March 2020, following the establishment of its investment in Dreev S.A.S. ("Dreev") in 2019 (Note 6), the Company ceased operations of its subsidiary, Nuvve SaS in France. The two employees of Nuvve SaS resigned from the Company in March 2020 and were concurrently hired by Dreev. Financial results for Nuvve SaS are included in the Company’s financial results through the cessation of operations.
On August 4, 2021, the Company formed Levo Mobility LLC, a Delaware limited liability company ("Levo"), with Stonepeak Rocket Holdings LP, a Delaware limited partnership ("Stonepeak"), and Evolve Transition Infrastructure LP, a Delaware limited partnership ("Evolve"). Levo is a consolidated entity of the Company. Please see Note 2 for the principles of consolidation.
Levo is a sustainable infrastructure company focused on rapidly advancing the electrification of transportation by funding vehicle-to-grid ("V2G") enabled Electric Vehicle ("EV") fleet deployments. Levo utilizes Nuvve’s V2G technology and committed capital from Stonepeak and Evolve to offer Fleet-as-a-Service for school buses, last-mile delivery, ride hailing and ride sharing, municipal services, and more to eliminate the primary barriers to EV fleet adoption including large upfront capital investments and lack of expertise in securing and managing EVs and associated charging infrastructure.

Levo's turnkey solution simplifies and streamlines electrification, can lower the total cost of EV operation for fleet owners, and supports the grid when the EVs are not in use. For a fixed monthly payment with no upfront cost, Levo will provide the EVs, such as electric school buses, charging infrastructure powered by Nuvve’s V2G platform, EV and charging station maintenance, energy management, and technical advice.

Levo initially focuses on electrifying school buses, providing associated charging infrastructure, and delivering V2G services to enable safer and healthier transportation for children while supporting carbon dioxide emission reduction, renewable energy integration, and improved grid resiliency.
8

NUVVE HOLDING CORP. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Note 2 – Summary of Significant Accounting Policies
For a detailed discussion about the Company’s significant accounting policies, see Note 2, “Summary of Significant Accounting Policies,” in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K (Amendment #2) for the year ended December 31, 2021 (the “2021 Form 10-K”).
During the nine months ended September 30, 2022, there were no significant updates made to the Company’s significant accounting policies.
Basis of Presentation
The accompanying (i) unaudited consolidated balance sheet as of December 31, 2021, which has been derived from audited financial statements, and (ii) unaudited interim condensed financial statements have been prepared in accordance pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. Therefore, it is suggested that these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes in the 2021 Form 10-K, filed with the SEC on March 31, 2022.
In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss, cash flows, and stockholders’ equity for the interim periods, but are not necessarily indicative of the results to be anticipated for the full year 2022 or any future period.
In accordance with Accounting Standards Codification ("ASC") 205-40, Presentation of Financial Statements - Going Concern, the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year after the consolidated financial statements are issued. Since inception, the Company has incurred recurring losses and negative cash flows from operations and has an accumulated deficit of $109.3 million as of September 30, 2022. Nuvve incurred operating losses of approximately $28.2 million as of the nine months ended September 30, 2022, and $27.2 million and $4.7 million for the years ended December 31, 2021, and 2020, respectively. Nuvve cash used in operations were $28.2 million as of the nine months ended September 30, 2022, and $29.2 million and $3.1 million for the years ended December 31, 2021, and 2020, respectively. As of September 30, 2022, Nuvve had a cash balance, working capital, and stockholders’ equity of $21.6 million, $31.0 million and $29.8 million, respectively. The Company continues to expect to generate operating losses and negative cash flows and may need additional funding to support its planned operating activities through profitability. The transition to profitability is dependent upon the successful expanded commercialization of the Company's Grid Integrated Vehicle ("GIVe") platform and the achievement of a level of revenues adequate to support its cost structure.
On May 5, 2022, the Company entered into an at-the-market offering agreement in which the Company from time to time during the term of the sales agreement, offers and sells shares of its common stock having an aggregate offering price up to a total of $25.0 million in gross proceeds. Shares of common stock sold under the sales agreement are offered and sold pursuant to the Company's shelf registration statement. During the nine months ended September 30, 2022, the Company sold 792,882 shares of common stock pursuant to the sales agreement at an average price of $4.97 per share for aggregate proceeds of approximately $3.8 million, net of offering costs.
In July 2022, the Company completed a registered direct offering of its common stock. See Note 11 for details. The aggregate gross proceeds to the Company from the offering were approximately $14.0 million and net proceeds were $13.1 million.
The Company expects its cash and cash equivalents as of November 14, 2022 will be sufficient to fund current planned operations for at least the next twelve months from the date of issuance of these unaudited condensed consolidated financial statements. Management's expectations with respect to its ability to fund current planned operations is based on estimates that are subject to risks and uncertainties. There is an inherent risk that the Company may not achieve such financial projections and if so, cash outflows could be higher than currently anticipated. Should this occur, management believes that there are various cash saving measures that could be quickly implemented during this time period, including reductions in discretionary expenses related to consultants, travel, personnel and personnel related costs. If necessary, management believes it can raise additional financing through its at-the-market agreement. Although these measures are not expected to be used, and such actions could potentially harm the business, management believes that if necessary, the cash savings from these actions would allow the Company to continue as a going concern through November 14, 2023.
9

NUVVE HOLDING CORP. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
Restatement of Previously Issued Financial Statements

Subsequent to the issuance of the company’s consolidated financial statements as of September 30, 2022 and 2021, errors were identified relating to the following:

(1) Warrants issued to an institutional/accredited investor in July 2022, as described in Note 11, which were previously recorded in equity, have been reclassified to liabilities on the Condensed Consolidated Balance Sheets, because the warrants were deemed not to be indexed to the Company's equity. The unvested warrant liability is adjusted to its estimated fair value at each reporting date.

(2) Unvested warrants issued to Stonepeak and Evolve in May 2021, as described in Note 11, should be accounted for as a single unit of account as opposed to multiple units of account. As a result, these unvested warrants, which were previously recorded in equity, have been reclassified to liabilities on the consolidated balance sheet. As a single unit of account, the unvested warrants’ settlement value is impacted by the amount of capital expenditures associated with Levo’s customer contracts, which caused the unvested warrants to not be indexed to the Company's equity. The unvested warrant liability is adjusted to its estimated fair value at each reporting date.

(3) As part of the fair value of warrants and stock option (“Instruments”) granted to Stonepeak and Evolve in May 2021, in conjunction with the formation of Levo, the Company inaccurately capitalized the costs incurred to deferred financing costs, and should have expensed such costs. The Company determined that there was not sufficient basis to record deferred financing costs associated with Stonepeak and Evolve’s plans to contribute capital to the Levo venture. As a result, the estimated fair value of the Instruments that were previously recorded as a capitalized asset are corrected to recognize an expense upon issuance of the Instruments during the second quarter of 2021. The expense is non-cash and does not impact the existing conditional capital commitment the Company has from Stonepeak and Evolve or the pursuit of customer deployments funded by this conditional capital commitment.

The associated income tax expense or benefit and related deferred tax assets or liabilities have been reflected, including the impact of valuation allowance.

The following tables summarize the effect of the aforementioned adjustments on the Company's Condensed Consolidated Balance Sheet as of September 30, 2022, and the Company's Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021, and Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021:

Condensed Consolidated Balance SheetSeptember 30, 2022September 30, 2022
AssetsAs Previously ReportedAdjustmentAs Restated
Warrants liability$12,000 $981,646 $993,646 
Total Liabilities$12,713,116 $981,646 $13,694,762 
Redeemable non-controlling interests, preferred shares, zero par value, 1,000,000 shares authorized, 3,138 shares issued and outstanding at September 30, 2022 and December 31, 2021; aggregate liquidation preference of $3,396,672 and $3,200,760 at September 30, 2022 and December 31, 2021, respectively
$3,369,827 $16,470 $3,386,297 
Additional paid-in capital$150,247,403 $(7,466,241)$142,781,162 
Accumulated deficit$(115,805,023)$6,476,196 $(109,328,827)
Nuvve Stockholders’ Equity (Deficit)$34,456,821 $(990,045)$33,466,776 
Non-controlling interests$(3,633,735)$(8,071)$(3,641,806)
Total Stockholders’ Equity (Deficit)$30,823,086 $(998,116)$29,824,970 






10

NUVVE HOLDING CORP. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
Three Months Ended September 30,Three Months Ended September 30,Three Months Ended September 30,Three Months Ended September 30,
2022202220212021
Condensed Consolidated Statements of OperationsAs Previously ReportedAdjustmentAs RestatedAs Previously ReportedAdjustmentAs Restated
Financing costs$ $ $ $ $(2,936,794)$(2,936,794)
Change in fair value of warrants liability$170,000 $1,682,700 $1,852,700 $557,000 $3,158,000 $3,715,000 
Total other (expense) income, net$258,127 $1,682,700 $1,940,827 $478,394 $221,206 $699,600 
Loss before taxes$(8,344,165)$1,682,700 $