Ocean Power Technologies (OPTT) Prices 2.4M Common Stock Offering at $2.75/Share
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Ocean Power Technologies, Inc. (NASDAQ: OPTT) (“OPT” or the “Company”), announced today the pricing of an underwritten public offering of 2,400,000 shares of its common stock at a price to the public of $2.75 per share. The underwriters will have an option to purchase up to an additional 360,000 shares of common stock from the Company. All of the shares to be sold in this offering will be sold by the Company. The offering is expected close on or about October 19, 2016, subject to satisfaction of customary closing conditions.
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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Create E-mail Alert Related CategoriesCorporate News, Equity Offerings, Hot Corp. News, Momentum Movers, Short Sales
Related EntitiesRoth Capital, Maxim Group, S1, Equity Offerings
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