Eco Wave Power Global AB (publ) has filed a prospectus and will launch the roadshow in the U.S. for the initial public offering of American Depositary Shares on Nasdaq in the United States
Eco Wave Power Global AB (publ) will launch an investor roadshow and filed a preliminary prospectus for a contemplated initial public offering of American Depositary Shares in the United States for trading on Nasdaq in the United States.
Stockholm – Eco Wave Power Global AB (publ) (“EWPG”) announces that it has today filed a preliminary prospectus with the U.S. Securities and Exchange Commission (the “SEC”) and will commence an investor roadshow for an initial public offering of American Depositary Shares (“ADSs”) with a target size of approximately US$9,000,000 (equivalent to approximately 77.67 SEK Million based on the June 21, 2021 exchange ratio of USD 1 = SEK 8.63) in gross proceeds (the “Offering”). In addition, EWPG has granted A.G.P./Alliance Global Partners (“A.G.P.”), sole book-running manager, an option to purchase up to 15% additional ADSs to cover over-allotments, if any.
A registration statement on Form F-1 (including a preliminary prospectus) relating to the ADSs has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time that the registration statement becomes effective. Before you invest, you should read the preliminary prospectus in that registration statement (File No. 333-256515) and the other documents that EWPG has filed with the SEC for more complete information about EWPG and this Offering. Copies of these documents are available at www.sec.gov.
According to the preliminary prospectus, the value of each ADS on Nasdaq’s U.S. exchange will correspond to the value of 8 Swedish common shares traded on Nasdaq First North Growth Market (“Nasdaq First North”), with an indicated public offering price range of US$10.00 to US$12.00 per ADS (equivalent to SEK 86.3 – 103.56 per ADS, which corresponds to a share price range of SEK 10.79 – 12.95 on Nasdaq First North). Based on the midpoint of such public offering price range, the target size of the Offering would correspond to 818,181 ADSs.
EWPG´s common shares are currently listed on Nasdaq First North under the symbol “ECOWVE”. EWPG has applied to list its ADSs on Nasdaq’s U.S. Exchange under the symbol “WAVE”, which has been reserved.
Eco Wave Power Global AB (publ) will announce the outcome of the Offering after pricing in a subsequent press release, however, any further details regarding the Offering remain subject to market conditions and investor demand and the Offering may not be consummated. The filing of the prospectus in the United States with the SEC has no implications for Eco Wave Power Global’s listing on Nasdaq First North in Sweden.
This announcement does not constitute an offer to sell nor a solicitation of an offer to buy any securities of EWPG, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of any such state or jurisdiction.
About Eco Wave Power Global AB (publ)
Eco Wave Power Global (“EWPG”) is a leading onshore wave energy technology company that developed a patented, smart and cost-efficient technology for turning ocean and sea waves into green electricity. EWPG’s mission is to assist in the fight against climate change by enabling commercial power production from ocean and sea waves.
EWPG is recognized as a “Pioneering Technology” by the Israeli Ministry of Energy and was labelled as an “Efficient Solution” by the Solar Impulse Foundation. EWPG’s project in Gibraltar has received funding from the European Union Regional Development Fund and the European Commission’s Horizon 2020 framework program. The company has also received the “Climate Action Award” from the United Nations.
EWPG’s common shares (ECOWVE) are traded on Nasdaq First North.
FNCA is the company’s Certified Advisor (+46 8-528 00 399, [email protected]).
Read more about Eco Wave Power at: www.ecowavepower.com.
Information on, or accessible through, the website mentioned above does not form part of this press release.
This press release contains express or implied forward-looking statements pursuant to U.S. Federal securities laws. For example, EWPG is using forward-looking statements when it discusses the expected upcoming Offering, the gross proceeds from the Offering, timing of the Offering and the expected time for the beginning of trading in its ADSs on Nasdaq U.S. These forward-looking statements and their implications are based on the current expectations of the management of EWPG only, and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The Offering may not occur, may be delayed or may be completed with different terms than are currently contemplated. Except as otherwise required by law, EWPG undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting EWPG is contained under the heading “Risk Factors” in EWPG’s Registration Statement on Form F-1 filed with the SEC, which is available on the SEC’s website, www.sec.gov.
This press release is not a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (the “Prospectus Regulation”) and has not been approved by any regulatory authority in any jurisdiction. EWPG has not authorized any offer to the public of shares or rights in any member state of the EEA and no prospectus has been or will be prepared in connection therewith. In any EEA member state, this communication is only addressed to and is only directed at qualified investors in that member state within the meaning of the Prospectus Regulation.