Ocean Power registers $12.5 million of common stock for public sale

Roth Capital Partners and Maxim Group are bookrunners for offering

By Devika Patel

Knoxville, Tenn., Sept. 7 – Ocean Power Technologies, Inc. will price a public offering of common stock with a 30-day greenshoe, according to a Form S-1 filed Wednesday with the Securities and Exchange Commission. The company has registered up to $12.5 million of stock.

Roth Capital Partners and Maxim Group LLC are the bookrunners.

Proceeds will be used for 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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