Eco Wave Power Global AB (publ), a leader in the production of clean electricity from ocean and sea waves, has submitted a formal application of delisting from Nasdaq First North Growth Market Sweden ("Nasdaq First North").
The Company submitted the application 90 days after announcing its intention to delist via a press release on February 25, 2022.
The Company hereby clarifies that it plans to keep the electronic number of the Swedish common shares in place. As a result, holders of the Swedish common shares are under no obligation to take any action and may maintain their current holdings in the current format (meaning there is no obligation to convert the Swedish common shares to American Depositary Shares (the "ADSs")).
If and when a shareholder decides to trade their shares on the Nasdaq Capital Market, only then would they need to convert their common shares to the ADSs.
Eco Wave Power has reached an agreement with The Bank of New York Mellon, the depository of the ADSs, to enable all shareholders on Nasdaq First North to convert their common shares to ADSs, free of charge, for ninety (90) days from the date of the Company's submission of its delisting application to Nasdaq First North.
Afterwards, shareholders will be able to convert their common shares into ADSs listed on the Nasdaq Capital Market at any time.
Attached to this press release is a conversion guide which provides further explanation on the share conversion process.
"As we advance new project opportunities in the United States and expand our pipeline in this market, we see a significant opportunity to leverage our listing on the Nasdaq to elevate our corporate profile and ultimately improve our liquidity and value," commented Inna Braverman, Co-Founder and Chief Executive Officer of Eco Wave Power. "Consolidating trading on the Nasdaq Capital Market is expected to reduce the public company expenses related to maintaining two listings, streamline our administrative requirements associated with complying with listing rules in two different jurisdictions and ultimately make it easier for our global shareholders to access liquidity in the largest capital market in the world."
