Ocean Power Technologies, Inc. Announces Pricing of Public Offering of Common Stock and Warrants
July 22 2016 - 9:19AM
Ocean Power Technologies, Inc. (the “Company”) (NASDAQ:OPTT),
announced today the pricing of a best efforts public offering of
595,000 units (the “Units”), at a price of $6.75 per Unit, each of
which consists of one share of its common stock and 0.3 of a
warrant to purchase one share of its common stock at an exercise
price of $9.36 per share. The warrants will be exercisable
immediately for a period of five years from the issuance
date. The Company expects to receive approximately $4,016,250
in gross proceeds, before deducting placement agent fees and
offering expenses payable by the Company.
Roth Capital Partners is acting as the sole
placement agent for the offering. The offering is expected to close
on July 27, 2016, subject to customary closing conditions.
The Company intends to use the net proceeds from
this offering for general corporate purposes.
The securities described above are being offered
by the Company pursuant to a registration statement on Form S-3
previously filed with, and subsequently declared effective by, the
Securities and Exchange Commission (“SEC”). An electronic
preliminary prospectus relating to the offering has also been filed
with the SEC and is available on the SEC’s website at
http://www.sec.gov. Copies of the preliminary prospectus supplement
and accompanying base prospectus relating to this offering also may
be obtained from Roth Capital Partners, 888 San Clemente, 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.
About Ocean Power Technologies
Headquartered in Pennington, New Jersey, Ocean
Power Technologies (NASDAQ:OPTT) is a pioneer of ocean wave power
that converts ocean wave energy into electricity. OPT’s proprietary
PowerBuoy® technology is based on a modular design. OPT
specializes in cost-effective and environmentally sound ocean
wave-based power generation and management technology.
Safe Harbor / 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
Phone: 609-730-0400
Investor Relations Contact:
Andrew Barwicki
Barwicki Investor Relations, Inc.
Phone: 516-662-9461
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