May 26 (Renewables Now) – As part of its focus on the US market, the Swedish marine energy company Eco Wave Power Global AB (NASDAQ: WAVE) has submitted a formal application for delisting from Nasdaq First North Growth Market Sweden, it announced today.
Inna Braverman, co-founder and CEO of Eco Wave Power, said that the company sees a significant opportunity to use its Nasdaq listing to raise its company profile and ultimately strengthen its liquidity and value.
“Consolidating trading on the Nasdaq Capital Market is expected to reduce public companies’ costs of maintaining two listings, streamline our administrative requirements in 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.
Vågenergispecialisten noted that holders of the Swedish ordinary shares are not obliged to convert their shares to American Depositary Shares (ADS), but will need to do so in order to be able to trade their shares on Nasdaq Capital Market. Those who choose this option will be able to convert their ordinary shares to ADS for free over the next 90 days.
Eco Wave Energy completed its IPO on the Nasdaq Capital Market in the US last summer, raising a total of USD 9.2 million (EUR 8.6 million) in gross revenue. It has retained its double listing until now.
(1.0 USD = 0.934 EUR)
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