Ocean Power Technologies, Inc. Announces Proposed Public Offering of Common Stock
October 18 2017 - 5:57PM
OCEAN POWER TECHNOLOGIES, INC. (NASDAQ:OPTT)
(“OPT” OR THE “COMPANY”) announced today that it
intends to offer shares of its common stock for sale in a best
efforts public offering. The Company intends to use the net
proceeds from this offering for working capital and to fund other
general corporate purposes. The offering is subject to market
conditions, and there can be no assurance as to whether or when the
offering may be completed, or as to the actual size or terms of the
offering.
Aegis Capital Corp. is acting as the sole
placement agent for the offering.
The shares described above are being offered by
the Company pursuant to a shelf registration statement (File No.
333-209517) that was previously filed with, and declared effective
by, the Securities and Exchange Commission (“SEC”). A preliminary
prospectus supplement and accompanying prospectus relating to the
offering will be filed with the SEC and will be available on the
SEC's website located at www.sec.gov. Copies of the
preliminary prospectus supplement and the accompanying prospectus
relating to this offering may be obtained, when available, from
Aegis Capital Corp., 810 7th Avenue, 18th Floor, New York, NY 10019
or via telephone at 212-813-1010 or
email: prospectus@aegiscap.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy 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,
Inc.
Headquartered in Pennington, New Jersey, 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
preliminary prospectus supplement, the accompanying prospectus, and
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.
Contact:
Company Contact:Matthew T. Shafer,Chief
Financial Officer of OPTPhone: 609-730-0400
Investor Relations Contact:Andrew
BarwickiBarwicki Investor Relations Inc.Phone: 516-662-9461
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