Ocean Power Technologies Prices $11.78 Mln Stock Offering

(RTTNews) - Ocean Power Technologies, Inc. (OPTT) said Friday that it has priced an underwritten public offering of 3.8 million shares of its common stock at a price of $3.10 per share.

The company has also granted to the underwriters a 30-day option to acquire an additional 570,000 shares to cover overallotments in connection with the offering.

After the underwriting discount and estimated offering expenses payable by the company, the company expects to receive net proceeds of about $10.8 million, assuming no exercise of the overallotment option.

The offering is expected to close on April 9.

The company plans to use the net proceeds of any sale of securities under this prospectus supplement for any combination of working capital, capital expenditures, and general business purposes, including additional development, testing and demonstrations of its PowerBuoy systems. Until then, the company may temporarily use them to make short-term investments.