Ocean Power will conduct $2.91 million at-the-market equity offering

Deal arranged with Rodman & Renshaw; proceeds fund corporate purposes

By Devika Patel

Knoxville, Tenn., Oct. 20 – Ocean Power Technologies, Inc. negotiated a $2,906,836 at-the-market equity offering with agent Rodman & Renshaw on Oct. 16, according to an 8-K and prospectus supplement filed Tuesday with the Securities and Exchange Commission.

Rodman & Renshaw will be paid a 1.5% commission.

Proceeds will be used for working capital and general corporate purposes.

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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