Eco Wave Power Announces Closing of Public Offering of 1 Million ADS

Highlights :

  • Eco Wave Power Global AB has closed its underwritten public offering of 1,000,000 American Depository Shares (ADS), representing 8,000,000 common shares at a price to the public of $8.00 per ADS.
  • The gross proceeds to the company from this offering were approximately $9.2 million, before deducting underwriting discounts, commissions and other offering expenses.

Swedish clean tech company Eco Wave Power Global AB (EWPG) has announced the closing of its underwritten public offering of 1,000,000 American Depository Shares (ADS), representing 8,000,000 common shares at a price to the public of $8.00 per ADS.

The ADSs began trading on the Nasdaq Capital Market on July 1, 2021. EWPG granted A.G.P./Alliance Global Partners, the underwriter, a 30-day option to purchase up to 150,000 additional ADSs to cover over-allotments, at the public offering price, less the underwriting discounts and commissions. A.G.P. exercised its option in full on July 1, 2021. The closing of all 1,150,000 ADSs, representing 9,200,000 common shares, occurred simultaneously.

The gross proceeds to the company from this offering were approximately $9.2 million, before deducting underwriting discounts, commissions and other offering expenses, including the exercise of the over-allotment option. A.G.P. acted as sole book-running manager for the offering.

EWPG, reputed for its an onshore wave energy technology announced its participation in the ILIAD Consortium last month, which has been awarded €17 million by the European Union (EU) as part of the €1 billion European Green Deal.

The offering was made pursuant to an effective registration statement previously filed with the U.S. Securities and Exchange Commission (SEC). A final prospectus relating to this offering was filed with the SEC. Copies of the final prospectus relating to the offering may be obtained by contacting A.G.P., 590 Madison Avenue, 28th Floor, New York, NY 10022, or by email at [email protected] Investors may also obtain these documents at no cost by visiting the SEC’s website at https://www.sec.gov.

EWPGs common shares are currently listed on Nasdaq First North Growth Market under the symbol “ECOWVE”. The filing of the prospectus in the United States with the SEC has no direct implications for EWPGs listing on Nasdaq First North in Sweden.

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.

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Soumya Duggal

Soumya is a master's degree holder in English, with a passion for writing. It's an interest she has directed towards environmental writing recently, with a special emphasis on the progress being made in renewable energy.

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