By Devika Patel
Knoxville, Tenn., April 28 – Ocean Power Technologies, Inc. priced a $7 million public sale of stock with a $1.05 million greenshoe on April 26, according to an 8-K and 424B4 filed with the Securities and Exchange Commission.
The company will sell 5,385,000 common shares at $1.30 apiece. The price per share is a 46.94% discount to the April 25 closing share price of $2.45.
Aegis Capital Corp. is the sole bookrunning manager.
Settlement is expected May 2.
Proceeds will be used for expanding the company’s sales and marketing through new hires and target market experts, increasing product manufacturing capabilities and building additional PowerBuoys to meet potential market demand and for other 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 shares
|
| Amount: | $7,000,500
|
| Greenshoe: | $1,050,075, or 807,750 shares
|
| Shares: | 5,385,000
|
| Price: | $1.30
|
| Warrants: | No
|
| Bookrunner: | Aegis Capital Corp.
|
| Pricing date: | April 26
|
| Settlement date: | May 2
|
| Stock symbol: | Nasdaq: OPTT
|
| Stock price: | $2.45 at close April 25
|
| Market capitalization: | $6.36 million
|
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