Ocean Power to raise $10 million through at-the-market sales agreement

Sale inked with Ascendiant; deal funds working capital and development

By Devika Patel

Knoxville, Tenn., June 7 - Ocean Power Technologies, Inc. negotiated a $10 million at-the-market sales agreement with agent Ascendiant Capital Markets, LLC on June 6, according to an 8-K and 424B5 filed Friday with the Securities and Exchange Commission. The deal will be conducted on a best-efforts basis.

Ascendiant will be paid a 3% commission.

Proceeds will be used for working capital, capital expenditures and general business purposes, including additional development, testing and demonstrations of the company's PowerBuoy systems.

The Pennington, N.J., company develops and is commercializing systems that generate electricity by harnessing the renewable energy of ocean waves.

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