Ocean Power negotiates $2.91 million at-the-market equity offering

Deal arranged with H.C. Wainwright; proceeds fund corporate purposes

By Devika Patel

Knoxville, Tenn., April 26 – Ocean Power Technologies, Inc. arranged a $2,906,836 at-the-market equity offering with agent H.C. Wainwright & Co., LLC, according to a prospectus supplement filed Tuesday with the Securities and Exchange Commission.

H.C. Wainwright 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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