Lisa Cook sues Trump over firing attempt, emergency hearing set
STOCKHOLM - Eco Wave Power Global AB (NASDAQ:WAVE), a $40.38 million market cap company with strong liquidity metrics, announced Tuesday that shareholders have approved the renewal of its American Depositary Shares (ADSs) repurchase program at the company’s 2025 Annual General Meeting. According to InvestingPro data, the company maintains a healthy current ratio of 3.74, indicating robust short-term financial stability.
The authorization allows the onshore wave energy technology company to repurchase up to 10 percent of its total outstanding shares over the coming year. The program permits repurchases only on the Nasdaq Capital Market or other regulated markets at prices within the range of highest purchase and lowest selling prices at the time of transaction. With the stock showing a beta of -0.51, InvestingPro analysis indicates it often moves contrary to broader market trends, potentially offering portfolio diversification benefits.
The renewed mandate will remain valid until the 2026 AGM and can be exercised on multiple occasions, with all repurchases to be made against cash payment.
"We are pleased to receive the continued support of our shareholders for the ADS repurchase program," said Inna Braverman, Founder and CEO of Eco Wave Power.
The company stated that the authorization does not obligate it to repurchase any ADSs, and any actual repurchases will comply with Rule 10b-18 under the U.S. Securities Exchange Act of 1934.
Eco Wave Power develops technology that converts ocean and sea waves into electricity. The company currently operates Israel’s first grid-connected wave energy power station and reports having projects planned in the Port of Los Angeles, Portugal, Taiwan, and India, with a project pipeline of 404.7 MW. InvestingPro analysis reveals impressive gross profit margins of 75%, though investors should note the company is currently trading above its Fair Value. For deeper insights into WAVE’s financial health and growth prospects, including 15+ additional ProTips and comprehensive valuation metrics, explore the full Pro Research Report available on InvestingPro.
The information in this article is based on a press release statement from the company.
In other recent news, Eco Wave Power Global AB has made significant strides in its renewable energy projects. The company announced the upcoming launch of its first onshore wave energy pilot project in the United States at AltaSea in the Port of Los Angeles. This project, developed with support from Shell’s Marine Renewable Program, emphasizes local production with the completion of the first three floaters at All-Ways Metal, a California-based company. Additionally, Eco Wave Power has advanced its wave energy project in Porto, Portugal, by paying 50% of the grid connection fee to E-REDES, solidifying its progress toward a 2026 grid-connection goal. The Porto project, which is part of a 20MW concession, recently acquired its final permit from APDL, and construction has begun. In Los Angeles, Eco Wave Power signed a manufacturing agreement with All-Ways Metal for the production of floaters, following the receipt of final licensing approval from the Port of Los Angeles and a federal permit from the U.S. Army Corps of Engineers. This partnership is expected to expedite project timelines and foster local job creation. Eco Wave Power’s CEO, Inna Braverman, highlighted the transformative potential of these projects in aligning with global renewable energy targets.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.