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    Eco Wave Power applies to delist from Nasdaq First North in Sweden


    May 26, 2022 - SeeNews Renewables

     

      May 26 (Renewables Now) - As part of its focus on the US market, Swedish marine energy company Eco Wave Power Global AB (NASDAQ:WAVE) has submitted a formal application to delist from Nasdaq First North Growth Market Sweden, it announced today.

      Inna Braverman, co-founder and CEO of Eco Wave Power, stated that the company recognises a substantial opportunity to leverage its Nasdaq listing to elevate its corporate profile and ultimately bolster its liquidity and value.

      "Consolidating trading on the Nasdaq Capital Market is expected to reduce the public company expenses related to maintaining two listings, streamline our administrative requirements associated with complying with listing rules in two different jurisdictions and ultimately make it easier for our global shareholders to access liquidity in the largest capital market in the world,” she explained.

      The wave energy specialist noted that holders of the Swedish common shares are not obliged to convert their stock to American Depositary Shares (ADS), but will need to do so in order to trade their shares on the Nasdaq Capital Market. Those who choose this option will be able to convert their common shares to ADSs free of charge over the next 90 days.

      Eco Wave Energy completed its initial public offering (IPO) on the Nasdaq Capital Market in the US last summer, raising a total of USD 9.2 million (EUR 8.6m) in gross proceeds. It has been maintaining its dual listing up until now.

      (USD 1.0 = EUR 0.934)

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