OPT targets $7M through share sale

Illustration/OPT’s PB40 PowerBuoy (Photo: OPT)

Ocean Power Technologies (OPT) is looking to raise around $7 million of gross proceeds through its latest underwritten public share sale.

The New-Jersey based wave energy developer has placed an underwritten public offering of 5,385,000 shares of its common stock at a price of $1.30 per share.

The gross proceeds to OPT from this offering are expected to be approximately $7 million. However, OPT has granted the underwriters a 45-day option to purchase up to an additional 807,750 shares of common stock to cover over-allotments, if any.

The offering is expected to close on May 2, 2017, and Aegis Capital Corp. has been appointed to serve as the sole book-running manager for the offering.

To remind, OPT’s PB3 PowerBuoy was recently deployed off Kozu-shima island in Japan as part of its $975,000 lease agreement with Mitsui Engineering and Shipbuilding (MES).

The PB3 will remain deployed off Japan for six months, with the possibility of extension.

Share this article

Follow Marine Energy


<< Sep 2019 >>
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >

Offshore Energy Exhibition and Conference (OEEC) 2019

Offshore Energy Exhibition and Conference (OEEC) is where the energy transition takes place. It is Europe’s leading gathering of the entire offshore energy industry and your opportunity to network with highly qualified experts and professionals across global markets.

For more than 12 years OEEC is unique in bringing together the offshore energy industry sectors oil & gas, offshore wind and marine energy. More than 550 exhibitors from around the world present their newest services, projects and innovative products. On top of this OEEC presents international trade missions, pavilions, exclusive network lounges of the OEEC member club, the Startup Zone, matchmaking areas, the Stage and networking drinks. Approximately 12,000 professionals will visit the exhibition, take part in strategic discussions, immersive technical conference sessions focusing on the future and technical developments in the industry. Three days of networking and together shaping the future of energy.

So the question is not if but how you will be participating at Offshore Energy 2019.

More info

read more >

The International Tidal Energy Summit 2019

The 2019 International Tidal Energy Summit will bring together 120 dedicated tidal energy leaders.

read more >