Eco Wave Power Announces Nasdaq First North Delisting and Last Day of Trading as Part of U.S. Focus
ADSs Will Continue to Trade on the Nasdaq Capital Market in the
The Company submitted the application 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 the Swedish common shares in place. As a result, holders of the Swedish common shares are under no obligation to take any action and may maintain their current holdings in the current format (meaning there is no obligation to convert the Swedish common shares to ADSs).
If and when a shareholder decides to trade their shares on the Nasdaq Capital Market, only then would they need to convert their common shares to ADSs.
Eco Wave Power has reached an agreement with
Afterwards, shareholders will be able to convert their common shares into ADSs listed on the Nasdaq Capital Market at any time.
Attached to this press release as Appendix A is a conversion guide which provides further explanation on the share conversion process.
"As we advance new project opportunities in
For more information, please contact:
For additional inquiries, please contact:
Eco Wave Power 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. Eco Wave Power's mission is to assist in the fight against climate change by enabling commercial power production from the ocean and sea waves.
Eco Wave Power is recognized as a "Pioneering Technology" by the
Eco Wave Power's common shares (ECOWVE) are traded on Nasdaq First North and its ADSs (WAVE) are traded on the Nasdaq Capital Market.
For more info please visit: www.ecowavepower.com.
Information on, or accessible through, the websites mentioned above does not form part of this press release.
Forward Looking Statements
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 such words are intended to identify forward-looking statements. For example, Eco Wave Power is using forward-looking statements when it discusses delisting from and the last day of trading its common shares on Nasdaq First North, elevating 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 to
The Bank of New York Mellon's("BNYM") custodial account in Sweden. For the purpose of determining the trade date of the deposit, please use the actual date of deposit as the trade date. See below custodian information:
SWIFT (BIC): ESSESESS
Contact Email address: firstname.lastname@example.org
Telephone No: +371 677 57310
For credit to:
Account No: 01001151658
Note: The Bank of New York Mellon ("BNYM") does not issue fractional ADSs. To avoid delay in converting common shares to ADSs, the common shareholder's broker must deposit common shares equivalent to the issuance of whole ADSs only. Any deposit resulting in fractional ADSs will be rejected in its entirely by BNYM and BNYM will advise SEB accordingly. For the avoidance of doubt, BNYM will not issue whole ADSs and return the excess common shares back to the common shareholder's bank or broker.
- BNYM must have complete instructions indicating where the ADSs will be delivered at the
Depositary Trust Company("DTC"). DTC serves as a clearinghouse to process and settle security trades. All deposits made at SEB must therefore include the following information relating to the a) broker receiving the delivery of ADSs from BNYM and b) investor or the ultimate beneficial holder: DTCBroker name, DTC Broker participant number, investor's or ultimate beneficiary's name and account number with the DTC Broker. Providing complete information upon deposit will avoid delay in completing the conversion process.
Note: Most of the country's biggest brokers, dealers and financial institutions are DTC members or participants and each is assigned a DTC participant number. If the common shareholder's broker is not a direct DTC participant, they will have to settle trades through a DTC Participating settlement agent of the common shareholder's broker. Non-DTC participant broker will not be able to settle security trades. BNYM will deliver the ADSs to a DTC participant only.
- Upon receipt of the SWIFT confirmation of deposit from SEB and complete delivery instructions, BNYM will deliver the ADSs to DTC for credit to the counterparty, who will further credit the investor's or ultimate beneficiary's account (thus, BNYM needs the additional information relating to where the ADSs will be ultimately credited). To avoid delay in completing the delivery of the ADSs, it is helpful for investors to advise their brokers to receive BNYM's delivery of the ADSs to complete the conversion process.
- Issuance fees for the conversions of Eco Wave common shares are waived during the ninety (90) days from the date of the Company's submission of its delisting application to Nasdaq First North Growth Market. Meaning, that all shareholders will have 90 days commencing on
May 25, 2022and ending on August 23, 2022to convert their common shares into ADSs free of charge. Thereafter, issuance fees will be charged on conversions of common shares at the rate of $5per 100 ADSs or a fraction thereof.
- Questions about taxability of the conversions must be addressed by the converting investor with their tax advisor.
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