By Devika Patel
Knoxville, Tenn., May 2 – Ocean Power Technologies, Inc. said the underwriters for its public offering of stock opted to exercise the deal’s $1.05 million greenshoe in full, lifting total proceeds of the offering to $8.05 million. The deal priced for $7 million with the greenshoe on April 26.
The company sold 6,192,750 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. Of the shares, 807,750 were part of the fully exercised greenshoe.
Aegis Capital Corp. was the sole bookrunning manager.
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: | $8,050,575, including $1,050,075 greenshoe of 807,750 shares
|
| Shares: | 6,192,750
|
| Price: | $1.30
|
| Warrants: | No
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| Bookrunner: | Aegis Capital Corp.
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| Pricing date: | April 26
|
| Settlement date: | May 2
|
| Stock symbol: | Nasdaq: OPTT
|
| Stock price: | $2.45 at close April 25
|
| Market capitalization: | $16.89 million
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