Ocean Power Technologies (OPTT) Prices $15M Public Offering of Common Stock, Warrants

April 4, 2019 9:04 AM EDT
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Ocean Power Technologies, Inc. (NASDAQ: OPTT) today announced the pricing of an underwritten public offering with gross proceeds of approximately $15,000,000, before deducting underwriting discounts, commissions and other offering expenses. The offering consists of: (i) 4,285,680 shares of our Common Stock together with a number of Common Warrants to purchase 4,285,680 shares of our Common Stock, and/or (ii) Pre-Funded Warrants, with each Pre-Funded Warrant exercisable for one share of Common Stock, together with a number of Common Warrants to purchase 4,285,680 shares of our Common Stock. The Common Stock will have a purchase price of $3.50 per share. The Common Warrants will have an exercise price of $3.85, will be exercisable upon issuance and will expire five years from the date of issuance. The Pre-Funded Warrants will have a purchase price of $3.49 per share, and the remaining exercise price of each Pre-Funded Warrant will equal $0.01 per share. Ocean Power Technologies, Inc. has granted the underwriter a 45-day option to purchase up to an additional 642,852 shares of Common Stock and/or 642,852 Common Warrants to cover over-allotments if any. The offering is expected to close on April 8, 2019, subject to customary closing conditions.

A.G.P./Alliance Global Partners is acting as the sole book-running manager for the offering.

A registration statement on Form S-1 (No. 333-230199) relating to these securities has been filed with the U.S. Securities and Exchange Commission (“SEC”) and became effective on April 4, 2019 and is available on the SEC’s website located at http://www.sec.gov.



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