Thu, Jul 11, 2019 23:05 CET
Not for publication, distribution or release, directly or indirectly, in or into the United States, Australia, Canada, Japan, South Africa or any other state or jurisdiction in which such measure would be unlawful or require additional registration or any other actions to be taken in addition to the requirements under Swedish law. See also the important information section below.
The period for subscription of new shares in EWPG Holding AB (“Eco Wave Power” or the “Company”) in connection with the planned listing of the company’s shares on Nasdaq First North Stockholm was completed on July 10, 2019. Eco Wave Power raised SEK 121.8 million from investors, making it the second largest listing on Nasdaq First North so far this year. The offering was subscribed to approximately 81 per cent.
The proceeds will be predominately used for building the Company’s first commercial wave farm, which will be a huge step towards the commercialization of wave energy and positioning it as an integral part of the world’s renewable energy mix. In addition, the funds will be used for expanding Eco Wave Power’s projects pipe-line, bringing more projects into the ready-to-build phase and for increasing sales and marketing activities. The proceeds provide sufficient working capital to run Eco Wave Power’s operations in accordance with its business plan longer than 12 months.
“It is with great pleasure to welcome around 5,900 new shareholders in Eco Wave Power, including AP4 and Skandia Fonder, who become two of the company's largest shareholders, as well as the chairman of the board, Mats Andersson, and the director of the board, Elias Jacobson,” said Inna Braverman, CEO of Eco Wave Power. “We are committed to doing our part to fight climate change and listing Eco Wave Power will strengthen the company's position in the market and assist us in reaching our ambitious plans. We look forward to taking Eco Wave Power to the next level.”
The first day of trading is scheduled for 18 July 2019, subject to approval from Nasdaq First North Stockholm. Subscribers who have been allotted shares will be notified of their allocation in the form of a written contract note sent out in the next few days.
After the new share issue is registered with the Swedish Companies Registration Office, the total number of shares in Eco Wave Power will increase by 6,410,094 shares from 28,839,250 shares to 35,249,344 shares and the share capital will increase by SEK 128,201.88 from SEK 576,875 to 704,986.88, corresponding to a dilution of approximately 18.2 percent.
Naventus Corporate Finance AB acts as financial adviser in connection with the offering. Avanza Bank AB and Nordnet Bank AB have been selling agents. Aktieinvest FK AB is the issuing agent. FNCA Sweden AB will be the Company's Certified Adviser at First North.
About Naventus Corporate Finance AB
Naventus Corporate Finance is an independent privately-owned financial adviser offering services in the field of qualified advice on initial public offerings, capital raisings (equity as well as debt), ownership changes, acquisitions, mergers and divestments (M&A) to listed and private companies and its owners. www.naventus.com.
For more information, please contact:
+46 (0)8 420 026 94, or
Inna Braverman, VD
Andreas Kihlblom, CFO
This document has not been approved by any regulatory authority. The document is a press release and not a prospectus and investors shall not subscribe or purchase securities referred to in this document except on the basis of the information contained in the prospectus approved by the Swedish Financial Supervisory Authority (Sw: Finansinspektionen) and made available on the Company's website. Distribution of this press release may in certain jurisdictions be subject to restrictions by law and persons who have access to this, or part of this, are required to inform themselves of, and comply with, such legal restrictions. Information in this press release shall not constitute an offer to sell shares, or a solicitation of any offer to purchase shares, nor shall there be any sale of the securities referred to herein, in any jurisdiction where such offer, solicitation of any offer to purchase, or sale would require preparing an additional prospectus or other offering documents or would not be lawful without registration or applicable exemption from registration under the securities laws of such jurisdiction. This press release does not constitute, or is part of, an offer or a solicitation of an offer to purchase or subscribe for securities in the United States. Securities referred to herein have not and will not be registered in accordance with the US Securities Act of 1933 (Securities Act) and may not be offered or sold within the United States without registration in accordance with the Securities Act, or an exemption therefrom. Securities referred to herein are not offered to the general public in the United States. Copies of this press release are not made and may not be distributed or sent, in whole or in part, directly or indirectly, to Australia, Hong Kong, Japan, Canada, New Zealand, Switzerland, Singapore, South Africa or the United States or to any other jurisdiction where the distribution or issuance of this press release would be unlawful.