By Devika Patel
Knoxville, Tenn., Oct. 19 – Ocean Power Technologies, Inc. said the underwriters for its public offering of stock opted to exercise the deal’s $990,000 greenshoe in full, lifting total proceeds of the offering to $7.59 million. The deal was announced Sept. 7 and priced for $6.6 million with the greenshoe on Oct. 14.
The company sold 2.76 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. Of the shares, 360,000 were part of the fully exercised greenshoe.
Roth Capital Partners, LLC and Maxim Group LLC were the underwriters.
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.
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| Issue: | Common stock
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| Amount: | $7.59 million, including $990,000 greenshoe of 360,000 shares
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| Shares: | 2.76 million
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| Price: | $2.75
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| Warrants: | No
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| Underwriters: | Roth Capital Partners, LLC and Maxim Group LLC
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| Announcement date: | Sept. 7
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| Pricing date: | Oct. 14
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| Settlement date: | Oct. 19
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| Stock symbol: | Nasdaq: OPTT
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| Stock price: | $4.02 at close Oct. 13
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| Market capitalization: | $18.04 million
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