Ocean Power Technologies Announces Closing of Registered Direct Public Offering of Common Stock and Warrants
June 07 2016 - 02:20PM
Ocean Power Technologies, Inc. (NASDAQ:OPTT)
(“OPT” or “the Company”) today announced the closing of its
previously announced registered direct offering to several
institutional investors to purchase 417,000 shares of common stock
and warrants to purchase an aggregate of 145,952 shares of its
common stock. Each share of common stock was sold with a
warrant to purchase 0.35 shares of common stock of the Company at a
combined purchase price of $4.60 per share. The warrants will be
exercisable beginning six months and one day after the date of
issuance at a price of $6.08 per full share of common stock and
will be exercisable for a period of five years from closing.
Roth Capital Partners served as lead placement
agent, and Rodman & Renshaw, a unit of H. C. Wainwright &
Co., LLC, served as co-placement agent for the transaction.
The Company received net proceeds of
approximately $1.6 million from the offering. The Company intends
to use the net proceeds from the sale of securities for general
corporate purposes.
The securities described above were being
offered by the Company pursuant to a registration statement on Form
S-3 (File No. 333-209517) previously filed with and subsequently
declared effective by the Securities and Exchange Commission
(“SEC”). A prospectus supplement relating to the offering was filed
by the Company with the SEC and can be obtained on the SEC’s
website at http://www.sec.gov or from Roth Capital Partners,
888 San Clemente Drive, Suite 400, Newport Beach, CA 92660, (800)
678-9147.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of the
securities described herein, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. Additional information can be found in the Company’s
filings with the SEC available at http://www.sec.gov and on
the Company’s website at
http://oceanpowertechnologies.com.
About Ocean Power Technologies
Headquartered in Pennington, New Jersey, Ocean Power
Technologies (NASDAQ:OPTT) is a pioneer of ocean wave power
generation and energy storage systems. OPT’s proprietary PowerBuoy®
technology is based on a cost-effective, scalable, modular, and
environmentally sound design which provides power and
communications for a number of markets and applications.
Forward-Looking Statements
This release may contain "forward-looking statements" that are
within the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are
identified by certain words or phrases such as "may", "will",
"aim", "will likely result", "believe", "expect", "will continue",
"anticipate", "estimate", "intend", "plan", "contemplate", "seek
to", "future", "objective", "goal", "project", "should", "will
pursue" and similar expressions or variations of such expressions.
These forward-looking statements reflect the Company's current
expectations about its future plans and performance. These
forward-looking statements rely on a number of assumptions and
estimates which could be inaccurate and which are subject to risks
and uncertainties. Actual results could vary materially from those
anticipated or expressed in any forward-looking statement made by
the Company. Please refer to the Company's most recent Forms 10-Q
and 10-K and subsequent filings with the SEC for a further
discussion of these risks and uncertainties. The Company disclaims
any obligation or intent to update the forward-looking statements
in order to reflect events or circumstances after the date of this
release.
Company Contact:
Mark A. Featherstone,
Chief Financial Officer of OPT
Phone: 609-730-0400
Investor Relations Contact:
Andrew Barwicki
Barwicki Investor Relations Inc.
Phone: 516-662-9461
Ocean Power Technologies (NASDAQ:OPTT)
Historical Stock Chart
From Feb 2024 to Mar 2024
Ocean Power Technologies (NASDAQ:OPTT)
Historical Stock Chart
From Mar 2023 to Mar 2024