Ocean Power to price public sale of 4,285,714 shares with warrants

By Devika Patel

Knoxville, Tenn., April 4 – Ocean Power Technologies, Inc will sell 4,285,714 common shares with warrants for 4,285,714 shares in a public offering, according to a Form S-1/A filed with the Securities and Exchange Commission. The company had previously registered up to $17.25 million of stock for the deal, which was announced on March 11.

A.G.P./Alliance Global Partners is the bookrunner.

Proceeds will be used to build additional PowerBuoys.

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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