Eco Wave Power has announced it will apply for delisting from Nasdaq First North Growth Market as it shifts attention to its recent listing on the Nasdaq Capital Market in the US.
The formal application for delisting will be submitted to Nasdaq First North no earlier than three months from today.
When finalizing the decision to delist the company’s common shares, the board of directors considered the higher liquidity of its securities on the Nasdaq US in comparison to Nasdaq First North as well as the desire to have all of its shares traded on one main stock exchange, Eco Wave Power said.
The board chose to focus on growing in the American market where the Eco Wave Power has had American Depositary Shares (ADS) trading since July 2021, the company added.
EWP also said that it reminds its shareholders that they can convert their common shares into ADSs listed on the Nasdaq Capital Market.
The company has also reached an agreement with The Bank of New York Mellon, the depository of the ADSs, to enable all shareholders on Nasdaq First North to convert their shares to ADSs, free of charge, for 90 days from the date of the submission of its delisting application to Nasdaq First North.
In order to effectuate such conversion, the shareholders must contact the depositary of the ADSs while more information about the delisting will be provided once the formal delisting process has been initiated with Nasdaq First North, EWP said.