EWPG (Eco Wave Power Global AB (publ)),today announced the closing of its underwritten public offering of 1,000,000 American Depository Shares (the “ADSs”), representing 8,000,000 common shares at a price to the public of $8.00 per ADS. The ADSs began marketing on the Nasdaq Capital Market (“Nasdaq”) 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./Alliance Global Partners acted as sole book-running manager for the offering.
The offering was made pursuant to an effective registration statement on Form F-1 (Registration No. 333-256515) previously filed with the U.S. Securities and Exchange Commission (the “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./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by email at email@example.com. Investors may also obtain these documents at no cost by visiting the SEC’s website at https://www.sec.gov.
This press release shall not comprise an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
EWPGs common shares are currently listed on Nasdaq First North Growth Market (“Nasdaq First North”) 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.
In connection with the offer or sale of securities referred to herein, the sole book-running manager may conduct stabilization or effect transactions on the Nasdaq with a view to support the market price of the securities at a level higher than that which might otherwise prevail. Any stabilization action will be conducted by the sole book-running manager in accordance with all applicable laws and rules.
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.