What are the potential financial and operational implications if the appeal is successful or the Nasdaq determination remains in place?

If the appeal is successful – Nuvve would retain its Nasdaq listing and avoid the immediate threat of delisting. From a financial standpoint this preserves the company’s ability to raise equity and debt on the open market at relatively low cost, safeguards existing shareholder value, and removes the “deficiency” discount that typically drives the stock down 15‑25 % after a staff determination. Operationally, the firm can keep executing its V2G contracts, continue to attract strategic partners and OEM customers, and retain the credibility needed for government‑grant pipelines. Traders should look for a short‑cover rally once the Panel’s decision is announced (often within 30‑45 days). Technicals show the stock hovering near recent support around $3.20; a break above the $3.50‑$3.60 resistance on the news of a favorable ruling could trigger a quick 20‑30 % upside, making a buy‑on‑break or a limited‑risk call spread attractive.

If the Nasdaq determination stands – the company will move toward delisting (or a forced move to an over‑the‑counter market). The immediate financial impact is a sharp compression in market‑cap and liquidity, widening bid‑ask spreads, and a likely downgrade by equity analysts, which can push the share price into the low‑single‑digit range. Operationally, the loss of a Tier‑1 exchange listing may scare off large‑scale fleet partners and investors, increase the cost of capital, and complicate any future equity raise or grant application that requires a listed entity. Traders should anticipate heightened volatility; a defensive tilt (e.g., buying protective puts or scaling back exposure) is prudent. Watch for the Panel’s deadline and any interim compliance filings—if the company can post a bridge‑plan or secure a conditional listing, a “bounce‑back” rally to the $2.00‑$2.30 zone is possible, but the downside risk to $1.00–$1.20 remains significant.