Roth Capital Partners helps fund working capital, capital expenditures
By Devika Patel
Knoxville, Tenn., April 4 - Ocean Power Technologies, Inc. said it priced an $11.78 million public offering of stock with a $1.77 million greenshoe. The deal was announced Thursday.
The company will sell 3.8 million common shares at $3.10 per share. The price per share is an 18.42% discount to the April 3 closing share price of $3.80.
Roth Capital Partners is the manager.
Settlement is expected on April 9.
Proceeds will be used for working capital, capital expenditures and general business purposes.
The Pennington, N.J., company develops and is commercializing systems that generate electricity by harnessing the renewable energy of ocean waves.
| Issuer: | Ocean Power Technologies, Inc.
|
| Issue: | Common stock
|
| Amount: | $11.78 million
|
| Greenshoe: | $1,767,000
|
| Shares: | 3.8 million
|
| Price: | $3.10
|
| Warrants: | No
|
| Manager: | Keefe, Bruyette & Woods
|
| Announcement date: | April 3
|
| Pricing date: | April 4
|
| Settlement date: | April 9
|
| Stock symbol: | Nasdaq: OPTT
|
| Stock price: | $3.80 at close April 3
|
| Market capitalization: | $37.3 million
|
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