Eco Wave Power closes $9.2M public offering, Nasdaq listing

In Sweden, Eco Wave Power Global AB, an onshore wave energy technology company, closed its underwritten public offering of 1,000,000 American Depository Shares, representing 8,000,000 common shares at a price to the public of $8.00 per ADS, now trading on the Nasdaq, with gross proceeds from this offering at approximately $9.2 million, before deducting underwriting discounts, commissions and other offering expenses, including the exercise of the over-allotment option.

EWPG granted A.G.P./Alliance Global Partners, the underwriter, a 30-day option to purchase up to 150,000 additional ADSs to cover over-allotments, at the public offering price, less the underwriting discounts and commissions. A.G.P. exercised its option in full on July 1, 2021.  The closing of all 1,150,000 ADSs, representing 9,200,000 common shares, occurred simultaneously.

Eco Wave Power Global (“EWPG”) 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. EWPG’s mission is to assist in the fight against climate change by enabling commercial power production from ocean and sea waves.