SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER
Pursuant
to Rule 13a-16 or 15d-16
under
the Securities Exchange Act of 1934
For
the month of December 2023
Commission
File Number
001-40554
Eco
Wave Power Global AB (publ)
(Translation
of registrant’s name into English)
52
Derech Menachem Begin St.
Tel
Aviv – Yafo, Israel 6713701
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form
20-F ☒ Form 40-F ☐
CONTENTS
On
December 21, 2023, Eco Wave Power Global AB (publ) (“Eco Wave Power”) issued a press release titled “Eco Wave Power
Submits an Official Request to the SFSA to Receive an Authorization for the Repurchase of American Depositary Shares Representing Up
to 10% of the Company’s Shares” a copy of which is furnished as Exhibit 99.1 with this Report of Foreign Private Issuer on
Form 6-K.
The
first, second, third, fourth, and sixth paragraphs and the paragraph titled “Forward-Looking Statements” in the press
release furnished as Exhibit 99.1 hereto are incorporated by reference into the Company’s Registration Statement on Form F-3 (Registration
No. 333-275728) filed with the Securities and Exchange Commission to be a part thereof from the date on which this Report of Foreign
Private Issuer on Form 6-K is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
|
Eco
Wave Power Global AB (publ) |
|
(Registrant) |
|
|
|
Date:
December 21, 2023 |
By: |
/s/ Inna Braverman |
|
Name:
|
Inna
Braverman |
|
Title: |
Chief
Executive Officer |
2
Exhibit 99.1
Eco
Wave Power Submits an Official Request to the SFSA to Receive an Authorization for the Repurchase of American Depositary Shares Representing
Up to 10% of the Company’s Shares
Stockholm,
Sweden (December 21, 2023) – Eco Wave Power Global AB (publ) (Nasdaq: WAVE) (“Eco Wave Power” or the “Company”),
a leading, publicly traded onshore wave energy company, is pleased to announce that it has submitted an official request to the Swedish
Financial Supervisory Authority (the “SFSA”), to receive an authorization for the repurchase of American Depositary Shares
corresponding to up to 10 percent of the total number of shares in the Company, which is the maximum amount permitted by the Swedish
Law.
The
repurchase of the American Depositary Shares was approved by Eco Wave Power’s shareholders at the 2023 Annual General Meeting (the
“AGM”).
The
AGM resolved on an authorization 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
authorization 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 percent 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. |
The
authorization 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.
“We
believe that our shares buyback 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 Chief Executive Officer Inna Braverman.
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.
About
Eco Wave Power Global AB (publ)
Eco
Wave Power is a leading onshore wave energy technology company that developed a patented, smart and cost-efficient technology for turning
ocean and sea waves into green electricity. Eco Wave Power’s mission is to assist in the fight against climate change by enabling
commercial power production from the ocean and sea waves.
The
Company completed construction of its grid connected project in Israel, with co-investment from the Israeli Energy Ministry, which recognized
the Eco Wave Power technology as “Pioneering Technology.” The EWP-EDF One station project marks the first grid-connected
wave energy system in Israeli history.
Eco
Wave Power will soon commence the installation of its newest pilot in AltaSea’s premises in the Port of Los Angeles and its first
MW scale wave energy power station in Portugal, Europe.
The
Company also holds concession agreements for commercial installations in Europe and has a total projects pipeline of 404.7 MW.
Eco
Wave Power received funding from the European Union Regional Development Fund, Innovate UK and the European Commission’s Horizon
2020 framework program. The Company has also received the “Global Climate Action Award” from the United Nations.
Eco
Wave Power’s American Depositary Shares (WAVE) are traded on the Nasdaq Capital Market.
Read
more about Eco Wave Power at www.ecowavepower.com
Information
on, or accessible through, the websites mentioned above does not form part of this press release.
For
more information, please contact:
Inna
Braverman, CEO
Inna@ecowavepower.com
+97235094017
Or
Aharon
Yehuda, CFO
aharon@ecowavepower.com
Forward-Looking
Statements
This
press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private
Securities Litigation Reform Act of 1995 and other Federal securities laws. For example, the Company is using forward-looking statements
in this press release when it discusses the share repurchase plan and the Company’s ability to implement it, including receipt
of the Swedish Financial Supervisory Authority’s approval and the Company’s belief that share repurchase program will allow
its 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 the Company. Forward-looking statements can be identified by words such as: “anticipate,”
“intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,”
“expect,” “strategy,” “future,” “likely,” “may,” “should,” “will”,
or variations of such words, and similar references to future periods. These forward-looking statements and their implications are neither
historical facts nor assurances of future performance and are based on the current expectations of the management of Eco Wave Power and
are subject to a number of factors, uncertainties and changes in circumstances that are difficult to predict and may be outside of Eco
Wave Power’s control that could cause actual results to differ materially from those described in the forward-looking statements.
Therefore, you should not rely on any of these forward-looking statements. Except as otherwise required by law, Eco Wave Power undertakes
no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting Eco
Wave Power is contained under the heading “Risk Factors” in Eco Wave Power’s Annual Report on Form 20-F for the fiscal
year ended December 31, 2022 filed with the SEC on April 27, 2023, which is available on the on the SEC’s website, www.sec.gov,
and other documents filed or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date
hereof. References and links to websites have been provided as a convenience and the information contained on such websites is not incorporated
by reference into this press release.
3
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