Eco Wave Power announces plans for share repurchase program

“We believe that the program will allow our leadership to have a greater scope to act and the opportunity to improve the Company’s capital structure, driving greater shareholder value and improving the investment value of our company,” said Eco Wave Power’s Founder and CEO Inna Braverman.

As a result, the Company’s board of directors proposed that the annual general meeting resolves on an authorisation for the board of directors to resolve on purchases of the Company’s own shares in accordance with the following main terms:

1. Share repurchases may be made only on the Nasdaq Capital Market or any other regulated market.
2. The authorisation may be exercised on one or more occasions before the 2024 annual general meeting.
3. The maximum number of own shares that may be repurchased so that the Company’s holding of shares at any given time does not exceed 10% of the total number of shares in the Company.
4. Repurchases of the Company’s own shares on the Nasdaq Capital Market may only be made at a price within the range of the highest purchase price and lowest selling price at any given time.
5. Payment for the shares shall be made in cash.

Any share repurchase program is subject to a shareholders approval, which will be requested at the Company’s upcoming Annual General Meeting (“AGM”), which is planned for June 30, 2023, and the authorisation for the repurchase is conditional on necessary permits being obtained from the Swedish Financial Supervisory Authority (the “SFSA”) in accordance with Chapter 19 of the Swedish Companies Act. Such permit is limited in time and conditional on the SFSA's assessment of the Nasdaq Capital Market as an equivalent of a regulated market as defined in the Swedish Securities Market Act.

Repurchases will be made in accordance with the Swedish Companies Act and applicable U.S. securities laws and regulations under the U.S. Securities Exchange Act of 1934, as amended. The timing, manner, and amount of any repurchase will be determined by the Company’s management based on its evaluation of business, market, and economic conditions, corporate and regulatory requirements, and other considerations.