Ocean Power Technologies looking to raise USD 15m via stock offering

Deployed PB3 PowerBuoy off the coast of New Jersey.

April 4 (Renewables Now) - New Jersey-based ocean energy devices developer Ocean Power Technologies (NASDAQ:OPTT), or OPT, today priced an underwritten public offering of common stock and warrants through which it seeks to raise some USD 15 million (EUR 13.4m) gross.

The company is looking to sell: about 4.28 million shares of common stock at USD 3.50 a share plus common warrants to purchase 4.28 million shares of common stock that are exercisable at USD 3.85 apiece; and/or pre-funded warrants, each of which is exercisable for one common share, together with a number of common warrants to buy 4.28 million common shares. The pre-funded warrants will have a purchase price of USD 3.49 apiece, with the remaining exercise price of each such warrant equalling USD 0.01 per share.

The underwriter of the offering has received a 45-day option to buy up to an additional 642,852 common shares and/or 642,852 common warrants to cover any over-allotments.

The transaction is seen to close on April 8.

(USD 1.0 = EUR 0.892)

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