By Devika Patel
Knoxville, Tenn., April 5 – Ocean Power Technologies, Inc. priced a $14.97 million public offering of stock, according to a free-writing prospectus filed Wednesday with the Securities and Exchange Commission. The deal was announced Tuesday.
The company will sell 900,000 common shares, prefunded warrants for 3,385,680 shares and common warrants for 4,285,680 shares at $3.50 per share and common warrant or $3.49 per prefunded warrant and accompanying common warrant.
Each prefunded warrant is exercisable for common stock on a one-for-one basis. Each common warrant is exercisable at $3.85 for five years.
A.G.P. is the underwriter.
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.
Issuer: | Ocean Power Technologies, Inc.
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Issue: | Common stock
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Amount: | $14,966,023
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Shares: | 900,000
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Price: | $3.50
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Prefunded warrants: | For 3,385,680 shares
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Prefunded warrant price: | $3.49
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Warrants: | For 4,285,680 shares
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Warrant strike price: | $3.85
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Warrant expiration: | Five years
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Underwriter: | A.G.P.
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Announcement date: | March 11
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Pricing date: | April 4
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Settlement date: | April 8
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Stock symbol: | Nasdaq: OPTT
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Stock price: | $7.76 at close April 3
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