UPDATE - Ocean Power Technologies raises USD 7.4m net

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

October 24 (Renewables Now) - Ocean Power Technologies (NASDAQ:OPTT) has closed its previously announced public offering of common stock and raised some USD 7.4 million (EUR 6.3m) in net proceeds, it announced on Monday.

The offering, for which Aegis Capital Corp acted as the sole placement agent, saw roughly 5.74 million shares being sold at a price to the public of USD 1.42 apiece.

The New Jersey-based developer of ocean wave power generation technology said previously that it plans to use the proceeds to replenish working capital and finance general corporate needs.

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