OPT Gets $15.7M from Public Offering

Ocean Power Technologies (OPT) has closed its public offering of common stock, pre-funded warrants and common warrants, raising approximately $15.7 million in net proceeds.

The New Jersey-based wave energy conversion specialist issued 900,000 shares of common stock, pre-funded warrants exercisable for close to 3.39 million shares of common stock, along with common warrants exercisable for about 4.29 million shares of common stock.

In addition, OPT 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.

A.G.P./Alliance Global Partners acted as the sole book-running manager for the offering.

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