STOCKHOLM, June 29, 2023 /PRNewswire/ -- Eco Wave Power
Global AB (publ) (Nasdaq: WAVE) ("Eco Wave Power" or the
"Company"), a leading, publicly traded onshore wave energy company,
announces its intention to set up a share repurchase program to
repurchase American Depositary Shares corresponding to up to 10
percent of the total number of shares in the Company, which is the
maximum amount permitted by the Swedish Law.
"We believe that the program will allow our leadership to have a
greater scope to act and the opportunity to improve the Company's
capital structure, driving greater shareholder value and improving
the investment value of our company," said Eco Wave Power's Founder
and CEO Inna Braverman.
As a result, the Company's board of directors proposed that the
annual general meeting resolves on an authorization for the board
of directors to resolve on purchases of the Company's own shares in
accordance with the following main terms:
- Share repurchases may be made only on the Nasdaq Capital
Market or any other regulated market.
- The authorization may be exercised on one or more occasions
before the 2024 annual general meeting.
- The maximum number of own shares that may be repurchased so
that the Company's holding of shares at any given time does not
exceed 10 percent of the total number of shares in the
Company.
- Repurchases of the Company's own shares on the Nasdaq
Capital Market may only be made at a price within the range of the
highest purchase price and lowest selling price at any given
time.
- Payment for the shares shall be made in cash.
Any share repurchase program is subject to a shareholders
approval, which will be requested at the Company's upcoming Annual
General Meeting ("AGM"), which is planned for June 30, 2023, and the authorization for the
repurchase is conditional on necessary permits being obtained from
the Swedish Financial Supervisory Authority (the "SFSA") in
accordance with Chapter 19 of the Swedish Companies Act. Such
permit is limited in time and conditional on the SFSA's assessment
of the Nasdaq Capital Market as an equivalent of a regulated market
as defined in the Swedish Securities Market Act.
Repurchases will be made in accordance with the Swedish
Companies Act and applicable U.S. securities laws and regulations
under the U.S. Securities Exchange Act of 1934, as amended. The
timing, manner, and amount of any repurchase will be determined by
the Company's management based on its evaluation of business,
market, and economic conditions, corporate and regulatory
requirements, and other considerations.
About Eco Wave Power Global AB (publ)
Eco Wave Power 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.
Eco Wave Power's mission is to assist in the fight against climate
change by enabling commercial power production from the ocean and
sea waves.
The Company is currently finalizing the construction of its grid
connected project in Israel, with
co-investment from the Israeli Energy Ministry, which recognized
the Eco Wave Power technology as "Pioneering Technology" and will
soon commence the installation of its newest pilot in AltaSea's
premises in the Port of Los
Angeles. The Company also holds concession agreements for
commercial installations in Europe
and has a total projects pipeline of 404.7MW.
Eco Wave Power received funding from the European Union Regional
Development Fund, Innovate UK and the European Commission's Horizon
2020 framework program. The Company has also received the "Global
Climate Action Award" from the United Nations.
Eco Wave Power's American Depositary Shares (WAVE) are traded on
the Nasdaq Capital Market.
Read more about Eco Wave Power at www.ecowavepower.com.
Information on, or accessible through, the websites mentioned above
does not form part of this press release.
For more information, please contact:
Inna Braverman, CEO
Inna@ecowavepower.com
+97235094017
For media inquiries, please contact:
Jacob Scott, Vectis Strategies
+1.412.445.7719
jscott@vectisstrategies.com
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995 and other Federal
securities laws. For example, the Company is using forward-looking
statements in this press release when it discusses the share
repurchase plan and the Company's ability to implement it,
including receipt of shareholders approval and the approval of the
Swedish Financial Supervisory Authority and the Company's belief
that share repurchase program will allow its leadership to have a
greater scope to act and the opportunity to improve the Company's
capital structure, driving greater shareholder value and improving
the investment value of the Company. Forward-looking statements can
be identified by words such as: "anticipate," "intend," "plan,"
"goal," "seek," "believe," "project," "estimate," "expect,"
"strategy," "future," "likely," "may," "should," "will", or
variations of such words, and similar references to future periods.
These forward-looking statements and their implications are neither
historical facts nor assurances of future performance and are based
on the current expectations of the management of Eco Wave Power and
are subject to a number of factors, uncertainties and changes in
circumstances that are difficult to predict and may be outside of
Eco Wave Power's control that could cause actual results to differ
materially from those described in the forward-looking statements.
Therefore, you should not rely on any of these forward-looking
statements. Except as otherwise required by law, Eco Wave Power
undertakes 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 unanticipated
events. More detailed information about the risks and uncertainties
affecting Eco Wave Power is contained under the heading "Risk
Factors" in Eco Wave Power's Annual Report on Form 20-F for the
fiscal year ended December 31, 2022
filed with the SEC on April 27, 2023,
which is available on the on the SEC's website, www.sec.gov, and
other documents filed or furnished to the SEC. Any forward-looking
statement made in this press release speaks only as of the date
hereof. References and links to websites have been provided as a
convenience and the information contained on such websites is not
incorporated by reference into this press release.
View original
content:https://www.prnewswire.co.uk/news-releases/eco-wave-power-announces-plans-for-share-repurchase-program-301867235.html