Ocean Power to price public sale of 2.5 million shares with greenshoe

By Devika Patel

Knoxville, Tenn., Sept. 30 – Ocean Power Technologies, Inc. will sell 2.5 million common shares in a public offering with a 30-day greenshoe for 375,000 additional shares, according to an S-1/A filed Friday with the Securities and Exchange Commission. The company had previously registered up to $12.5 million of stock for the deal, which was announced on Sept. 7.

Roth Capital Partners LLC 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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