SMART WIRES APPLIES FOR DELISTING OF ITS SDRS FROM NASDAQ FIRST NORTH GROWTH MARKET SWEDEN

On November 16, 2022, Smart Wires Technology Ltd (the “Company”) announced its intention to apply for delisting of the Company’s Swedish Depositary Receipts (SDRs), currently traded on Nasdaq First North Growth Market under the trading code GOGRID SDB (ISIN SE0015962345). The Company also announced that it expected to formally apply for delisting of the SDRs from Nasdaq First North Growth Market not earlier than three months following the announcement of its intention to apply for delisting.

The Board of Directors of the Company has today resolved to proceed with its application for delisting of its SDRs from Nasdaq First North Growth Market.

The primary reason for applying to delist the SDRs is that the Company’s Board of Directors has determined that such action is in the best interests of the Company and its shareholders, taking into consideration the evolution of trading since the Company listed their SDRs on Nasdaq First North Growth Market in May of 2021, noting that the Board of Directors believes the trading volumes of and market prices for the SDRs may not be reflective of the Company’s value proposition. The Company has also considered the additional costs related to maintaining the listing of the SDRs on the Nasdaq First North Growth Market weighed against its benefits, as well as the administrative burden of complying with the listing rules.

If Nasdaq Stockholm AB approves the Company’s application for delisting of its SDRs, Nasdaq Stockholm AB will decide and announce the last day of trading in the Company’s SDRs. Thereafter, the Company’s SDR program will be discontinued and holders of SDRs will be entered as shareholders in the Company’s register of members.  Information regarding the SDR program will be provided by Pareto Securities, which is the depository bank for the SDR program.

The Board of Directors of the Company is not expecting to apply for listing of the Company’s shares on any other stock exchange or trading platform in the foreseeable future.

Further information regarding the delisting, including last day of trading, will be provided once Nasdaq Stockholm AB has decided on the Company’s application to delist.

CONTACTS

Julie Andrews, CFO

E-mail: investors@smartwires.com

Tel: +1 (901) 687-8314

Smart Wires’ Certified Adviser is Erik Penser Bank AB, Apelbergsgatan 27, Box 7405, SE-103 91 Stockholm, E-mail: certifiedadviser@penser.se, Tel: +46 8 463 83 00, www.penser.se.

This information is information that Smart Wires Technology Ltd is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above on February 17, 2023, at 19:45 CET.

ABOUT SMART WIRES TECHNOLOGY LTD.

Smart Wires conducts grid technology business that helps utilize, modernize, optimize and monetize grid capacity to meet the demands and opportunities of the energy transition. The Company operates in the global transmission grid technology market and is a leader in modular power flow control technology. Power flow control technology controls and directs power flow on high voltage electric transmission systems. Smart Wires serves transmission owners, primarily electric utilities. Transmission owners use power flow controllers to eliminate line overloads by redirecting power to other lines, to reduce transmission congestion, and to enable renewable energy connection and dispatch. Currently, Smart Wires’ main projects are located in Europe, South America, and Australia with upcoming projects in the United States. The Company has a large customer base comprised of utilities globally. Smart Wires Technology Ltd is listed on the Nasdaq First North Growth Market. For more information, please visit www.smartwires.com.