Eco Wave Power prices Nasdaq IPO below indicative range
Image source: Eco Wave Power.
July 1 (Renewables Now) - Eco Wave Power Global AB (EWPG) has priced its initial public offering (IPO) on the Nasdaq Capital Market in the US at USD 8.00 (EUR 6.74) apiece, below the indicative price range of USD 10.00-12.00.
The Sweden-based marine energy company will raise USD 8 million in gross proceeds by offering 1 million American depositary shares (ADSs), representing a total of 8 million shares of EWPG’s common stock. The firm has granted the underwriter a 30-day option to buy up to 150,000 additional ADSs to cover any over-allotments.
Eco Wave Power, which already has a global listing on Nasdaq First North in Sweden, is initiating the trading of its ADSs in the US today under the ticker symbol “WAVE”. The offering is seen to close on July 6.
A.G.P./Alliance Global Partners serves as sole book-running manager.
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).