Ocean Power Technologies (OPT) plans to raise $4 million through the best efforts public offering of common stock and warrants.
OPT announced the pricing of a best efforts public offering of 595,000 units, at a price of $6.75 per unit, each of which consists of one share of its common stock and 0.3 of a warrant to purchase one share of its common stock at an exercise price of $9.36 per share.
The warrants will be exercisable immediately for a period of five years from the issuance date, OPT informed.
The New-Jersey based wave energy developer expects to receive approximately $4 million in gross proceeds, before deducting placement agent fees and offering expenses.
Roth Capital Partners is acting as the sole placement agent for the offering which is expected to close on July 27, 2016, subject to customary closing conditions.
OPT intends to use the net proceeds from this offering for general corporate purposes.