Eco Wave Power Global AB (publ) (Nasdaq: WAVE), an onshore wave energy company, has revealed its plans to establish a share repurchase program. This program aims to repurchase American Depositary Shares (ADS) corresponding to up to 10 percent of the total number of shares in Eco Wave, as permitted by Swedish Law. By initiating this program, Eco Wave Power aims to improve its capital structure, increase shareholder value, and enhance the overall investment value of Eco Wave.

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Share Repurchase Program Details

The board of directors of Eco Wave Power has proposed that the annual general meeting grants authorization to the board to resolve on the repurchase of Eco Wave's own shares. The share repurchases will adhere to the following main terms:

1. Repurchases will be conducted on the Nasdaq Capital Market or any other regulated market.
2. The authorization may be exercised before the 2024 annual general meeting, allowing flexibility in timing.
3. The maximum number of own shares that may be repurchased at any given time will not exceed 10 percent of the total number of shares in Eco Wave.
4. Repurchases on the Nasdaq Capital Market will occur within the range of the highest purchase price and lowest selling price at any given time.
5. Cash payment will be made for the repurchased shares.

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Shareholder Approval and Permits

To proceed with the share repurchase program, Eco Wave requires shareholder approval, which will be sought at the upcoming Annual General Meeting (AGM) scheduled for June 30, 2023. Additionally, the repurchase authorization is contingent upon obtaining necessary permits from the Swedish Financial Supervisory Authority (SFSA) under Chapter 19 of the Swedish Companies Act. This permit is time-limited and relies on the SFSA's assessment of the Nasdaq Capital Market as equivalent to a regulated market as defined in the Swedish Securities Market Act.