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Ocean Power Technologies: Public Offering of Common Stock
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PENNINGTON, N.J. - Ocean Power Technologies, Inc. (Nasdaq:OPTT), announced that it intends to offer shares of its common stock in an underwritten public offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
Roth Capital Partners is acting as the sole manager for the offering.
The Company intends to use the net proceeds of any sale of securities under this prospectus supplement for any combination of working capital, capital expenditures, and general business purposes, including additional development, testing and demonstrations of its PowerBuoy systems. Until the Company uses the net proceeds in the manner described above, it may temporarily use them to make short-term investments.
The Company may also use a portion of the net proceeds to acquire or invest in complementary businesses, products and technologies. Although the Company has no specific agreements, commitments or understandings with respect to any such opportunities other than those publicly disclosed, it evaluates acquisition opportunities and engages in related discussions with other companies from time to time and may use a portion of the proceeds from this offering in connection with one or more such acquisitions.
The shares described above are being offered by OPT pursuant to a registration statement previously filed with and subsequently declared effective by the Securities and Exchange Commission ("SEC"). An electronic preliminary prospectus relating to the offering has also been filed with the SEC and is available on the SEC's website at http://www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the preliminary prospectus supplement and accompanying base prospectus relating to this offering may be obtained from Roth Capital Partners, 888 San Clemente, Newport Beach, CA 92660, (800) 678-9147 or by accessing the SEC's website, www.sec.gov.
About Ocean Power Technologies
The Ocean Power Technologies group is a pioneer in wave-energy technology that harnesses ocean wave resources to generate reliable and clean and environmentally-beneficial electricity. OPT has a strong track record in the advancement of wave energy and participates in an estimated $150 billion annual power generation equipment market. OPT's proprietary PowerBuoy® system is based on modular, ocean-going buoys that capture and convert predictable wave energy into clean electricity. Ocean Power Technologies is widely recognized as a leading developer of on-grid and autonomous wave-energy generation systems, benefiting from over 15 years of in-ocean experience. Ocean Power Technologies, Inc. is listed on Nasdaq (OPTT), and is headquartered in Pennington, New Jersey, USA. Ocean Power Technologies (Australasia) Pty Ltd has operations in Melbourne and Perth, Australia, and Ocean Power Technologies Ltd is based in Warwick, UK. More information can be found at www.oceanpowertechnologies.com, www.optaustralasia.com.au and www.victorianwaveproject.com.au.
Company Contact:
Mark A. Featherstone, Chief Financial Officer
Telephone: (+1) 609 730 0400
PENNINGTON, N.J. - Ocean Power Technologies, Inc. (Nasdaq:OPTT), announced that it intends to offer shares of its common stock in an underwritten public offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
Roth Capital Partners is acting as the sole manager for the offering.
The Company intends to use the net proceeds of any sale of securities under this prospectus supplement for any combination of working capital, capital expenditures, and general business purposes, including additional development, testing and demonstrations of its PowerBuoy systems. Until the Company uses the net proceeds in the manner described above, it may temporarily use them to make short-term investments.
The Company may also use a portion of the net proceeds to acquire or invest in complementary businesses, products and technologies. Although the Company has no specific agreements, commitments or understandings with respect to any such opportunities other than those publicly disclosed, it evaluates acquisition opportunities and engages in related discussions with other companies from time to time and may use a portion of the proceeds from this offering in connection with one or more such acquisitions.
The shares described above are being offered by OPT pursuant to a registration statement previously filed with and subsequently declared effective by the Securities and Exchange Commission ("SEC"). An electronic preliminary prospectus relating to the offering has also been filed with the SEC and is available on the SEC's website at http://www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the preliminary prospectus supplement and accompanying base prospectus relating to this offering may be obtained from Roth Capital Partners, 888 San Clemente, Newport Beach, CA 92660, (800) 678-9147 or by accessing the SEC's website, www.sec.gov.
About Ocean Power Technologies
The Ocean Power Technologies group is a pioneer in wave-energy technology that harnesses ocean wave resources to generate reliable and clean and environmentally-beneficial electricity. OPT has a strong track record in the advancement of wave energy and participates in an estimated $150 billion annual power generation equipment market. OPT's proprietary PowerBuoy® system is based on modular, ocean-going buoys that capture and convert predictable wave energy into clean electricity. Ocean Power Technologies is widely recognized as a leading developer of on-grid and autonomous wave-energy generation systems, benefiting from over 15 years of in-ocean experience. Ocean Power Technologies, Inc. is listed on Nasdaq (OPTT), and is headquartered in Pennington, New Jersey, USA. Ocean Power Technologies (Australasia) Pty Ltd has operations in Melbourne and Perth, Australia, and Ocean Power Technologies Ltd is based in Warwick, UK. More information can be found at www.oceanpowertechnologies.com, www.optaustralasia.com.au and www.victorianwaveproject.com.au.
Company Contact:
Mark A. Featherstone, Chief Financial Officer
Telephone: (+1) 609 730 0400