Ocean Power Technologies Announces Closing of Best Efforts Public Offering of Common Stock and Warrants
July 27 2016 - 11:22AM
Ocean Power Technologies, Inc. (NASDAQ:OPTT) (“OPT” or “the
Company”) today announced the closing of its previously announced
best efforts public offering of 595,000 units, with each unit
consisting of one share of common stock and 0.3 of a warrant to
purchase one share of its common stock. Each unit was sold at a
combined purchase price of $6.75 per unit. The warrants will be
immediately exercisable at a price of $9.36 per full share of
common stock and will be exercisable for a period of five years
from the initial exercise date. In the offering, the Company issued
a total of 595,000 shares of its common stock and warrants to
purchase up to 178,500 shares of its common stock.
Roth Capital Partners served as placement agent
for the transaction.
The Company received net proceeds of approximately $3.6 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
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