Eco Wave Power Announces First Delisting from Nasdaq North and Last Day of Trading in US Focus
The ADSs will continue to trade on the Nasdaq Capital Market at
The Company submitted the request 90 days after announcing its intention to delist via a press release on
Nasdaq First North has informed the company of its decision on
The Company clarified that it plans to keep the electronic number of Swedish ordinary shares in place. As a result, holders of Swedish ordinary shares have no obligation to take any action and can keep their current holdings in the current format (meaning there is no obligation to convert Swedish ordinary shares into ADS ).
If and when a shareholder decides to trade their shares on the Nasdaq Capital Market, only then should they convert their common stock into ADS.
Eco Wave Power has entered into an agreement with
Thereafter, shareholders may at any time convert their ordinary shares into ADS listed on the Nasdaq Capital Market.
Attached to this press release as Appendix A, you will find a conversion guide which provides further explanation of the stock conversion process.
“As we develop new project opportunities in
For more information please contact:
For any additional request, please contact:
Eco Wave Power is a leading onshore wave energy technology company that has developed patented, smart and cost-effective technology to turn ocean and sea waves into green electricity. Eco Wave Power’s mission is to help fight climate change by enabling commercial power generation from the ocean and waves.
Eco Wave Power is recognized as a “pioneering technology” by the
Eco Wave Power’s (ECOWVE) common stock trades on the Nasdaq First North and its ADS (WAVE) trades on the Nasdaq Capital Market.
For more information, please visit: www.ecowavepower.com.
Information on or accessible through the websites mentioned above does not form part of this press release.
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates” and similar expressions or variations of these words are intended identify forward-looking statements. For example, Eco Wave Power uses forward-looking statements when discussing the delisting and last day of trading of its common stock on the Nasdaq First North, raising its profile and improving liquidity on the Nasdaq.
Issuance and Conversion Guide
- The Common Shareholder’s broker must deposit the underlying Common Shares in electronic form for
The Bank of New York Mellon(“BNYM”) deposit account in Sweden. In order to determine the transaction date of the deposit, please use the actual date of the deposit as the transaction date. See below for custodian information:
SWIFT (BIC): ESSESSESS
Contact email address: [email protected]
Phone Number: +371 677 57310
For credit to:
Account number: 01001151658
- BNYM must have complete instructions indicating where the ADS will be delivered to
Custodian trust company(“DTC”). DTC serves as a clearing house to process and settle securities transactions. All deposits made with SEB must therefore include the following information regarding a) the broker receiving delivery of the ADSs from BNYM and b) the investor or ultimate beneficial owner: CPD Broker Name, DTC Broker Participant Number, Name of Investor or Ultimate Beneficiary and Account Number with DTC Broker. Providing complete information when filing will avoid any delays in completing the conversion process.
To note: Most of the largest brokers, traders and financial institutions in the country are DTC members or participants and each is assigned a DTC participant number. If the Common Shareholder’s broker is not a direct participant in DTC, it will settle trades through a DTC-participating settlement agent of the Common Shareholder’s broker. The non-DTC broker will not be able to settle securities trades. BNYM will deliver ADSs to a DTC Participant only.
- Upon receipt of SEB’s SWIFT confirmation of deposit and complete delivery instructions, BNYM will remit the ADSs to DTC for credit to the counterparty, who will then credit the investor’s or ultimate beneficiary’s account (thus, BNYM needs the information additional information regarding where the ADS will ultimately be credited). To avoid any delay in the delivery of the ADSs, it is useful for investors to advise their brokers to receive the delivery of the ADSs by BNYM to complete the conversion process.
- Issuance fees for conversions of Eco Wave common stock are waived for ninety (90) days from the date the Company submits its delisting request to the Nasdaq First North Growth Market . This means that all shareholders will have 90 days from the
May 25, 2022and ending on August 23, 2022convert their ordinary shares into ADSs free of charge. Thereafter, issue costs will be charged on conversions of common shares at the rate of $5per 100 ADS or fraction thereof.
- Questions regarding the taxation of conversions should be addressed by the converting investor with their tax adviser.
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