Eco Wave Power Launches IPO; Gears for Swedish Nasdaq Listing
Eco Wave Power has decided to broaden the ownership of the shares in the company by way of a new issue of shares followed by a listing of the company’s shares on Nasdaq First North in Sweden.
“The Eco Wave Power team has worked hard over the past years to design, build and put our proven technology to use generating cost-efficient, green energy for a world in dire need of alternative energy solutions. We are thrilled to call Stockholm home and are committed to making Eco Wave Power a commercial success together with our investors and business partners. Eco Wave Power has a bright future ahead of it and listing on Nasdaq First North in Stockholm is the best step for us to fulfil our ambitious plans,” says Inna Braverman, CEO, Eco Wave Power.
Eco Wave Power is a Swedish company that, through its subsidiaries, among other in Israel, has developed a patented technology for turning ocean and sea waves into green electricity. The Israeli subsidiary was founded in 2011 in Tel Aviv.
Eco Wave Power is the only wave energy company in the world, to own and operate a wave energy array, which is connected to the grid in accordance with a Power Purchase Agreement (PPA).
The purpose of the offering is to increase the commercialization rate in the manner that would not be possible without external financing.
The proceeds from the offering will primarily be used for the installation projects in the UK and Gibraltar, but also to enable revenue growth through investments in support functions such as sales and marketing.
The offering is directed at the general public in Sweden, Denmark and Norway, as well as to professional investors in Sweden and internationally.
The subscription period for the starts on 27 June 2019 and ends at 3:00 pm on 10 July 2019.
The subscription price in the offering is SEK 19 per share. In total, the offering amounts to up to SEK 150 million before transaction costs. In addition, should the offering be oversubscribed, the board of directors has an option to extend the offering by up to SEK 50 million, the company noted.
Anticipated first day of trading is around 18 July 2019.
Naventus Corporate Finance acts as financial adviser in connection with the offering. Avanza Bank and Nordnet Bank are selling agents. Aktieinvest FK has been appointed as issuing agent. FNCA Sweden will be the company’s certified adviser at First North.