Ocean Power Technologies (OPTT) Announces 2.5M Share Common Stock Offering

October 10, 2016 8:00 AM EDT

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Ocean Power Technologies, Inc. (Nasdaq: OPTT) announced the launch of an underwritten public offering of 2,500,000 shares of its common stock, subject to market and other conditions. The underwriters will have an option to purchase up to an additional 375,000 shares of common stock from the Company. All of the shares to be sold in this offering will be sold by the Company.

OPT intends to use the net proceeds from this offering for general corporate purposes, which may include additional development, testing and demonstrations of its PowerBuoy system with the goal of furthering and accelerating its commercialization efforts and expanding its sales and marketing functions.

Roth Capital Partners, LLC and Maxim Group LLC are acting as representatives of the underwriters. The underwritten public offering will be made only by means of a prospectus, copies of which may be obtained from Roth Capital Partners, LLC, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660, phone (800) 678-9147, or from Maxim Group LLC, 405 Lexington Ave., New York, NY 10174, phone (800) 724-0761. When available, an electronic copy of the prospectus may also be obtained at no charge at the Securities and Exchange Commission's website at http://www.sec.gov.

The common stock will be issued and sold pursuant to a registration statement on Form S-1 previously filed with the Securities and Exchange Commission.

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