to-the-point: Ocean Power unveils common stock offering

US ocean wave energy conversion specialist Ocean Power Technologies (NASDAQ:OPTT) on Wednesday announced plans to sell common stock in order to replenish working capital and finance general corporate needs.

The public offering, which is subject to market conditions, is managed by Aegis Capital Corp. The size of and the terms of the placement are yet to be determined. Ocean Power noted that there can be no assurance whether or when the transaction will close.

Ocean Power’s proprietary PowerBuoy technology is based on a power conversion and management system that turns wave power into electricity. Ocean Power last year shipped one commercial-ready PB3 PowerBuoy to Japan. The company has also initiated the production of two new commercial-ready PB3 units, its third and fourth, it said in September.

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