to-the-point: Ocean Power Technologies raises USD 15.7m

PB3 commercial PowerBuoy off Kozu-Island, Japan. Source: Ocean Power Technologies Inc.

April 9 (Renewables Now) - Ocean Power Technologies (NASDAQ:OPTT), or OPT, said today it has closed its previously announced public offering of common stock and warrants, raising a total of USD 15.7 million (EUR 13.9m) in net proceeds.

The New Jersey-based ocean energy devices developer has issued 900,000 shares of common stock, pre-funded warrants that are exercisable for some 3.39 million shares of common stock, along with common warrants exercisable for about 4.29 million shares of common stock.

OPT has also issued 642,000 shares of additional common stock and common warrants exercisable for 642,000 additional shares of common stock as the underwriter of the offering exercised in full its over-allotment option.

(USD 1.0 = EUR 0.887)

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