Ocean Power Technologies, Inc. Prices $8,150,000 Offering of Common Stock
October 19 2017 - 9:11AM
OCEAN POWER TECHNOLOGIES, INC. (NASDAQ:OPTT)
(“OPT” OR THE “COMPANY”), today announced the
pricing of a best efforts public offering of 5,739,437 shares of
its common stock at a price to the public of $1.42 per share. The
gross proceeds to the Company from this offering are expected to be
approximately $8,150,000, before deducting underwriting discounts
and commissions and other estimated offering expenses. The offering
is expected to close on October 23, 2017, subject to customary
closing conditions.
Aegis Capital Corp. is acting as the sole
placement agent for the offering.
A registration statement on Form S-3 (File No.
333-209517) relating to these securities has been filed with the
Securities and Exchange Commission and became effective on April
26, 2016.
The offering will be made only by means of a
prospectus supplement and accompanying prospectus. A copy of the
prospectus supplement and accompanying prospectus relating to the
offering may be obtained, when available, by contacting Aegis
Capital Corp., Prospectus Department, 810 Seventh Avenue, 18th
Floor, New York, NY 10019, telephone: 212-813-1010,
e-mail: prospectus@aegiscap.com. Investors may also obtain
these documents at no cost by visiting the SEC's website
at http://www.sec.gov.
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:
Media Contact:Marilyn VollrathReputation Partners LLCPhone:
(414) 376-8834Email: Marilyn@reputationpartners.com
Investor Relations Contact:Andrew
BarwickiBarwicki Investor Relations Inc.Phone: 516-662-9461
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