Ocean Power Technologies (NASDAQ: OPTT) has priced an underwritten public offering of 2.4 million shares of its common stock at a price to the public of $2.75 per share. The offering is expected close on or about October 19, 2016. OPTT said it plans to use the proceeds 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.” Shares are down 23% in late morning trade.
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About Ocean Power Technologies, Inc.
Headquartered in Pennington, New Jersey, Ocean Power Technologies (OPTT) 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. For more information visit www.oceanpowertechnologies.com
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