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June 26, 2019

Eco Wave Power announces initial public offering in connection with listing on Nasdaq First North Stockholm and publishes prospectus

“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, smart and cost-efficient technology forturning 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 Offering in brief

- 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 Offering 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 over subscribed,the board of directors has an option to extend the Offering by up to SEK 50 million. The subscription price corresponds to a valuation of the Company's shares of SEK 548 million prior to the Offering.
- The Offering comprises of up to 7,900,000 new shares offered by the Company. Should the board of directors decide to extend then Offering up to 2,631,580 additional shares may be issued.  
- Anticipated first day of trading is around 18 July 2019.

The Offering is conditioned on that the interest in the Offering, according to the judgement of the board of directors, is sufficient for a satisfactory trading in the shares, that the Company receives necessary working capital to be considered a going concern the upcoming twelve months, and that Nasdaq’s admission requirements are met by the Offering. The Offering is further conditioned on the absence of any events deemed to have such materially negative effect on the Company that it would be inappropriate to complete the Offering. If the above conditions are not met, the Offering maybe canceled. A possible cancellation of the Offering will be announced by apress release as soon as possible, and no later than the 10 July 2019. In the event the Offering is canceled, neither delivery nor payment for shares within the Offering will be made.

Timetable:

Subscription period: 27 June – 10 July 2019
Announcement of the outcome of the offering: Around 11 July 2019
Settlement date: 16 July 2019
First day of trading with the Eco Wave Power shares: 18 July 2019


Prospectus

The prospectus, with full terms and conditions of the Offering, is available on Eco Wave Power’s website (www.ecowavepower.com), Naventus’s website (www.naventus.com), Aktieinvest’s website (www.aktieinvest.se), Nordnet’s website (www.nordnet.se), Avanza’s website (www.avanza.se) and will be kept available at the Swedish Financial Supervisory Authority’s website (www.fi.se).

Advisers

Naventus Corporate Finance AB acts as financial adviser in connection with the Offering. Avanza Bank AB and Nordnet Bank AB are selling agents. AktieinvestFK AB has been appointed as issuing agent. FNCA Sweden AB will be the Company's Certified Adviser at First North.

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