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.

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