Eco Wave Power Global (WAVE) IPOs, surges over 100%

Eco Wave Power Global (WAVE) has just debuted on the market and is already surging over 100% in pre market hours. The company also announced an offering during the IPO.

The gross proceeds to the Company from this offering are expected to be $8 million (equivalent to approximately SEK 68,080,000 Million based on the June 30, 2021 exchange ratio of USD 1 = SEK 8.51), before deducting underwriting discounts, commissions and other offering expenses, and excluding the exercise of the over-allotment option, if any.

EWPG has granted the underwriter a 30-day option to purchase up to 150,000 additional ADSs to cover over-allotments, if any, at the public offering price, less the underwriting discounts and commissions. All of the ADSs are being offered by the Company.

The Company has received approval to list its ADSs on the Nasdaq Capital Market under the symbol “WAVE” and is expected to begin trading on July 1, 2021. The offering is expected to close July 6, 2021, subject to satisfaction of customary closing conditions as well as certain corporate registration formalities required under the Swedish Companies Act.