Eco Wave Power Global AB plans to establish a share repurchase program to repurchase up to 10 percent of its total number of shares
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.
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:
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.
Join LevelFields now to be the first to know about events that affect stock prices and uncover unique investment opportunities. Choose from events, view price reactions, and set event alerts with our AI-powered platform. Don't miss out on daily opportunities from 6,300 companies monitored 24/7. Act on facts, not opinions, and let LevelFields help you become a better trader.