Company sells units at $4.60 apiece; deal funds corporate purposes
By Devika Patel
Knoxville, Tenn., June 2 – Ocean Power Technologies, Inc. will raise $1.92 million in a registered direct offering of units, according to an 8-K filed Thursday with the Securities and Exchange Commission. Roth Capital Partners, LLC is the lead placement agent and Rodman & Renshaw is co-placement agent.
The company will sell 417,000 units of one common share and 0.35 warrants at $4.60 per unit.
Each whole warrant is exercisable at $6.04 for five years. The strike price is identical to the June 1 closing share price.
Settlement is expected June 7.
Proceeds will be used for general corporate purposes.
The company also said it terminated a $2,906,836 at-the-market equity offering arranged on April 26 with agent H.C. Wainwright & Co., LLC. The company sold a total of 149,071 shares for $294,053 under the offering.
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: | Units of one common share and 0.35 warrants
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| Amount: | $1,918,200
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| Units: | 417,000
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| Price: | $4.60
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| Warrants: | 0.35 warrants per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $6.04
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| Agent: | Roth Capital Partners, LLC (lead), Rodman & Renshaw (co-placement agent)
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| Pricing date: | June 2
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| Settlement date: | June 7
|
| Stock symbol: | Nasdaq: BSDM
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| Stock price: | $6.04 at close June 1
|
| Market capitalization: | $7.98 million
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