The ADSs will continue to trade on the Nasdaq Capital Market in the United States
STOCKHOLM, May 30, 2022 /PRNewswire/ — Eco Wave Power Global AB (publ) (Nasdaq: WAVE, Nasdaq First North: ECOWVE) (“Power of ecological wavesor the “Company”), a leader in generating clean electricity from ocean and sea waves, today announced that the Nasdaq First North Growth Market Sweden (“Nasdaq First North”) accepted the Company’s request to delist its common shares. June 14, 2022, Eco Wave Power only listed securities will be its American Depositary Shares (“ADS”) which trade on the Nasdaq Capital Market under the symbol “WAVE”.
The Company submitted the request 90 days after announcing its intention to delist via a press release on February 25, 2022.
Nasdaq First North has informed the company of its decision on May 30, 2022announcing that the last day of trading of the common shares of the Company on the Nasdaq First North will be June 13, 2022.
The Company clarified that it plans to keep the electronic number of Swedish ordinary shares in place. As a result, holders of Swedish ordinary shares have no obligation to take any action and can keep their current holdings in the current format (meaning there is no obligation to convert Swedish ordinary shares into ADS ).
If and when a shareholder decides to trade their shares on the Nasdaq Capital Market, only then should they convert their common stock into ADS.
Power of ecological waves entered into an agreement with The Bank of New York Mellon, custodian of the ADSs, to permit all shareholders of Nasdaq First North to convert their common stock into ADSs, free of charge, for ninety (90) days from the date the Company files its delisting request with Nasdaq First North. This means that all shareholders will have 90 days from the May 25, 2022 and ending on August 23, 2022 convert their ordinary shares into ADSs free of charge.
Thereafter, shareholders may at any time convert their ordinary shares into ADS listed on the Nasdaq Capital Market.
Attached to this press release as Appendix A, you will find a conversion guide which provides further explanation of the stock conversion process.
“As we develop new project opportunities in United States and expand our pipeline in this market, we see a significant opportunity to leverage our Nasdaq listing to elevate our business profile and ultimately improve our liquidity and value,” commented Inna Bravermanco-founder and managing director of Power of ecological waves. “Consolidating transactions on the Nasdaq Capital Market should reduce the expense for public companies of maintaining two listings, streamline our administrative requirements associated with complying with listing rules in two different jurisdictions, and ultimately make it easier to access of our global shareholders to liquidity in the largest capital market in the world.”
For more information please contact:
Inna BravermanCEO
[email protected]
+972.35094017
For any additional request, please contact:
Investor contacts:
Matt CheslerCFA
FNK IR
+1.646.809.2183
[email protected]
Media Contact:
Jacob ScottVectis Strategies
+1.412.445.7719
[email protected]
About Eco Wave Power Global AB (publ)
Power of ecological waves is a leading onshore wave energy technology company that has developed patented, smart and cost-effective technology to turn ocean and sea waves into green electricity. Eco Wave Power mission is to help fight climate change by enabling commercial electricity generation from the ocean and waves.
Power of ecological waves is recognized as a “pioneering technology” by the Israeli Ministry of Energy and has been labeled an “Efficient Solution” by the Solar Impulse Foundation. Power of ecological waves has received funding from the European Union Regional Development Fund, Innovate UK and the European Commission’s Horizon 2020 framework programme. The Company also received the “Global Climate Action Award” from the United Nations.
Eco Wave Power the common stock (ECOWVE) is traded on the Nasdaq First North and its ADS (WAVE) is traded on the Nasdaq Capital Market.
For more information, please visit: www.ecowavepower.com.
Vator Securities is the company’s Certified Advisor (+46 8 580 065 99, [email protected]).
Information on or accessible through the websites mentioned above does not form part of this press release.
Forward-looking statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates” and similar expressions or variations of these words are intended identify forward-looking statements. For instance, Power of ecological waves uses forward-looking statements when discussing the delisting and last day of trading of its common stock on Nasdaq First North, improving its profile and improving liquidity on Nasdaq US, the conversion of ordinary shares into ADSs by the shareholders of the company and its focus on growing opportunities in United States. Unless otherwise provided by law, Power of ecological waves assumes 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 unforeseen events. More detailed information on the risks and uncertainties affecting Power of ecological waves is listed under the heading “Risk Factors” in Eco Wave Power Annual report for the financial year ended December 31, 2021 on Form 20-F filed with the United States Securities and Exchange Commission (the “SEC”), which is available at the SEC’s website, www.sec.gov.
Annex A
Eco Wave Power Global AB (published)
Issuance and Conversion Guide
Eco Wave Power Global AB (Published) (“Eco Wave“) has submitted a request to delist its common stock from the Nasdaq First North Growth Market (“Nasdaq First North”). The formal request for delisting was submitted to Nasdaq First North on May 25, 2022 and Nasdaq First North has determined that June 13, 2022 will be the deregistration date on which Eco-Wave the common shares will be officially delisted in Sweden (“Delisting Date”). After the cancellation date, Eco-Wave only listed securities will be its American Depositary Shares (“ADS”) which trade exclusively on the Nasdaq Capital Market in United States under the symbol WAVE and CUSIP# 27900N103. Shareholders of Eco Wave are encouraged to convert their ordinary shares into ADS. Issuance costs for conversions of Eco Wave common stock is waived for ninety (90) days from the date the Company submitted its delisting request to Nasdaq First North. In other words, all holders of Eco-Wave ordinary shares will have 90 days from the May 25, 2022 and ending on August 23, 2022 convert their ordinary shares into ADS free of charge. Below is the detailed procedure for converting your ordinary shares into ADSs:
- The Common Shareholder’s broker must deposit the underlying Common Shares in electronic form in The Bank of New York Mellon’s (“BNYM”) custody account in Sweden. In order to determine the transaction date of the deposit, please use the actual date of the deposit as the transaction date. See below for custodian information:
Guardian’s name: Skandinaviska Enskilda Banken AB (“SEB”)
SWIFT (BIC): ESSESSESS
Contact email address: [email protected]
Phone Number: +371 677 57310
For credit to: Bank of New York Mellon DR
Account number: 01001151658
To note: Bank of New York Mellon (“BNYM”) does not issue fractional ADSs. To avoid any delay in the conversion of Common Shares into ADSs, the Common Shareholder’s broker should deposit Common Shares equivalent to the issue of whole ADSs only. Any deposit giving rise to fractional ADSs will be rejected in its entirety by BNYM and BNYM will advise SEB accordingly. For the avoidance of doubt, BNYM will not issue whole ADSs and will return excess ordinary shares to the ordinary shareholder’s bank or broker.
- BNYM must have complete instructions as to where the ADSs will be delivered to the Depositary Trust Company (“DTC”). DTC serves as a clearing house to process and settle securities transactions. All deposits made with SEB must therefore include the following information regarding a) the broker receiving delivery of the ADSs from BNYM and b) the investor or ultimate beneficial owner: CPD Broker Name, DTC Broker Participant Number, Name of Investor or Ultimate Beneficiary and Account Number with DTC Broker. Providing complete information when filing will avoid any delays in completing the conversion process.
To note: Most of the largest brokers, traders and financial institutions in the country are DTC members or participants and each is assigned a DTC participant number. If the Common Shareholder’s broker is not a direct participant in DTC, it will settle trades through a DTC-participating settlement agent of the Common Shareholder’s broker. The non-DTC broker will not be able to settle securities trades. BNYM will deliver ADSs to a DTC Participant only.
- Upon receipt of SEB’s SWIFT confirmation of deposit and complete delivery instructions, BNYM will remit the ADSs to DTC for credit to the counterparty, who will then credit the investor’s or ultimate beneficiary’s account (thus, BNYM needs the information additional information regarding where the ADS will ultimately be credited). To avoid any delay in the delivery of the ADSs, it is useful for investors to advise their brokers to receive the delivery of the ADSs by BNYM to complete the conversion process.
- Issuance costs for conversions of Eco Wave common stock is waived for ninety (90) days from the date the Company files its delisting request with the Nasdaq First North Growth Market. This means that all shareholders will have 90 days from the May 25, 2022 and ending on August 23, 2022 convert their ordinary shares into ADSs free of charge. Thereafter, issue costs will be charged on conversions of common shares at the rate of $5 per 100 ADS or fraction thereof.
- Questions regarding the taxation of conversions should be addressed by the converting investor with their tax adviser.
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