By Devika Patel
Knoxville, Tenn., Oct. 14 – Ocean Power Technologies, Inc. said it priced a $6.6 million public sale of stock with a $990,000 greenshoe. The offering was announced Sept. 7.
The company will sell 2.4 million common shares at $2.75 per share. The price per share reflects a 31.59% discount to the Oct. 13 closing share price of $4.02.
Roth Capital Partners, LLC and Maxim Group LLC are the bookrunners.
Settlement is expected Oct. 19.
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.
| Issuer: | Ocean Power Technologies, Inc.
|
| Issue: | Common stock
|
| Amount: | $6.6 million
|
| Greenshoe: | $990,000, or 360,000 shares
|
| Shares: | 2.4 million
|
| Price: | $2.75
|
| Warrants: | No
|
| Underwriter: | Roth Capital Partners, LLC and Maxim Group LLC
|
| Announcement date: | Sept. 7
|
| Pricing date: | Oct. 14
|
| Settlement date: | Oct. 19
|
| Stock symbol: | Nasdaq: OPTT
|
| Stock price: | $4.02 at close Oct. 13
|
| Market capitalization: | $8.18 million
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
