Eco Wave Power files for USD-9m IPO on Nasdaq

Jaffa Port floaters illustration. Image by Eco Wave Power (www.ecowavepower.com)

June 22 (Renewables Now) - Eco Wave Power Global AB (EWPG) has filed a preliminary prospectus for a planned initial public offering (IPO) of American depositary shares (ADSs) on Nasdaq in the US with a target size of USD 9 million (EUR 7.6m).

The Sweden-based marine energy company said in a statement today that it will start an investor roadshow in relation to the US listing. It has set an indicative public offering price range of USD 10.00 to USD 12.00 per ADS.

The firm has granted the sole book-running manager, namely A.G.P./Alliance Global Partners, an option to buy up to 15% additional ADSs to cover over-allotments, if any.

EWPG already has a global listing on Nasdaq First North in Sweden, where it trades under the symbol "ECOWVE". In the US, it has applied to list its ADSs under the symbol "WAVE". According to the preliminary prospectus, the value of each ADS will correspond to the value of eight common shares traded in Sweden.

Eco Wave Power is the developer of a patented onshore technology that turns ocean and sea waves into electricity through the use of floaters and a conversion unit. Unlike most other sector players, the company performs its installations on land or nearshore in an attempt to avoid the major obstacles faced by competitors, including high costs, low reliability, lack of insurability and negative environmental impact. The firm says it is the only wave energy developer in the world that owns and operates a plant hooked to the grid and tied to a power purchase agreement (PPA).

(USD 1.0 = EUR 0.840)

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