STOCKHOLM, July 6,
2023 /PRNewswire/ -- Eco Wave Power Global AB (publ)
(Nasdaq: WAVE) ("Eco Wave Power" or the "Company"), a leading,
publicly traded onshore wave energy company, is pleased to announce
that 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, was approved by Eco
Wave Power's shareholders at the 2023 Annual General Meeting (the
"AGM").
The AGM resolved 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.
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.
"We would like to thank our shareholders for approving the Share
Repurchase Program, and our legal advisors have already contacted
SFSA to commence the regulatory approval process. We believe that
our shares buyback 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 Chief Executive Officer Inna
Braverman.
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 the Swedish Financial Supervisory Authority's
approval 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.
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