Ocean Power Technologies, Inc. Announces Closing of Common Stock Offering
October 19 2016 - 4:14PM
Ocean Power Technologies, Inc. (NASDAQ:OPTT) (“OPT” or the
“Company”) announced today that it has closed its offering of
2,760,000 shares of common stock at a price of $2.75 per share,
which includes the sale of 360,000 shares of the Company’s common
stock sold by the Company pursuant to the exercise, in full, of the
over-allotment option by the underwriters.
Net of underwriting discounts, commissions and offering
expenses, proceeds are estimated to be approximately $6.9
million. OPT intends to use the net proceeds from this
offering for general corporate purposes, which may include
additional development, testing and demonstrations of its PowerBuoy
system with the goal of furthering and accelerating its
commercialization efforts and expanding its sales and marketing
functions.
Roth Capital Partners, LLC and Maxim Group LLC are acting as
representatives of the underwriters. The underwritten public
offering was made only by means of a prospectus, copies of which
may be obtained from Roth Capital Partners, LLC, 888 San Clemente
Drive, Suite 400, Newport Beach, CA 92660, phone (800) 678-9147, or
from Maxim Group LLC, 405 Lexington Ave., New York, NY 10174, phone
(800) 724-0761. An electronic copy of the prospectus may also
be obtained at no charge at the Securities and Exchange
Commission's website at http://www.sec.gov.
The common stock was issued and sold pursuant to a registration
statement on Form S-1 previously filed with the Securities and
Exchange Commission.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, 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 such
state or jurisdiction.
About Ocean Power Technologies, Inc.
Headquartered in Pennington, New Jersey, Ocean Power Technologies
(OPT) is a leader in ocean wave energy conversion. OPT’s
proprietary PowerBuoy® technology is based on a scalable and
modular design. OPT specializes in cost-effective and
environmentally sound ocean wave based power generation and
management technology.
Cautionary Statement Regarding 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 Registration Statement on Form S-1 and 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.
Contact:
Company Contact:
Matthew T. Shafer,
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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