Agent Roth Capital Partners helps fund general corporate purposes
By Devika Patel
Knoxville, Tenn., July 22 – Ocean Power Technologies, Inc. said it priced a $4.02 million public sale of units. The offering was announced Thursday.
The company will sell 595,000 units of one common share and 0.3 warrant at $6.75 per unit on a best-efforts basis. Each whole warrant is exercisable at $9.36 for five years. The strike price is identical to the July 21 closing share price.
Roth Capital Partners is the agent.
Settlement is expected July 27.
Proceeds will be used for general corporate purposes, including development, testing and demonstrations of the PowerBuoy system.
The Pennington, N.J., company develops and is commercializing systems that generate electricity by harnessing the energy of ocean waves.
| Issuer: | Ocean Power Technologies, Inc.
|
| Issue: | Units of one common share and 0.3 warrant
|
| Amount: | $4,016,250
|
| Units: | 595,000
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| Price: | $6.75
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| Warrants: | 0.3 warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $9.36
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| Agent: | Roth Capital Partners
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| Announcement date: | July 21
|
| Pricing date: | July 22
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| Settlement date: | July 27
|
| Stock symbol: | Nasdaq: OPTT
|
| Stock price: | $9.36 at close July 21
|
| Market capitalization: | $17.16 million
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