Ocean Power Technologies: Closing of Public Offering
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PENNINGTON, New Jersey - Ocean Power Technologies, Inc. (NASDAQ:OPTT) (“OPT” or “the Company”) announced the closing of its previously announced registered direct offering to several institutional investors to purchase 417,000 shares of common stock and warrants to purchase an aggregate of 145,952 shares of its common stock. Each share of common stock was sold with a warrant to purchase 0.35 shares of common stock of the Company at a combined purchase price of $4.60 per share. The warrants will be exercisable beginning six months and one day after the date of issuance at a price of $6.08 per full share of common stock and will be exercisable for a period of five years from closing.
Roth Capital Partners served as lead placement agent, and Rodman & Renshaw, a unit of H. C. Wainwright & Co., LLC, served as co-placement agent for the transaction.
The Company received net proceeds of approximately $1.6 million from the offering. The Company intends to use the net proceeds from the sale of securities for general corporate purposes.
The securities described above were being offered by the Company pursuant to a registration statement on Form S-3 (File No. 333-209517) previously filed with and subsequently declared effective by the Securities and Exchange Commission (“SEC”). A prospectus supplement relating to the offering was filed by the Company with the SEC and can be obtained on the SEC’s website at http://www.sec.gov or from Roth Capital Partners, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660, (800) 678-9147.
About Ocean Power Technologies
Headquartered in Pennington, New Jersey, Ocean Power Technologies (Nasdaq:OPTT) is a pioneer in ocean wave energy conversion. OPT's proprietary PowerBuoy® technology is based on a scalable and modular design. OPT specializes in cost-effective and environmentally sound ocean wave based power generation and energy storage technology.
Mark A. Featherstone
Chief Financial Officer of OPT
Investor Relations Contact:
Barwicki Investor Relations, Inc.