Eco Wave Power Global AB (publ) (“EWPG”) has 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.