American wave targets $8M stock prize

OPT's PowerBuoy (Photo: OPT)

Ocean Power Technologies (OPT) has launched a public common stock share sale to gather funds for further wave energy developments.

The US-based wave energy developer OPT announced the pricing of a best efforts public offering of 5,739,437 shares of its common stock at a price to the public of $1.42 per share.

The gross proceeds to the company from this offering are expected to be approximately $8,150,000, before deducting underwriting discounts and other expenses, OPT said.

The offering, managed by Aegis Capital Corp, is expected to close on October 23, 2017, subject to customary closing conditions.

The developer of wave-driven power and communication platform PowerBuoy for remote offshore applications said earlier it intends to use the net proceeds from the offering for working capital and to fund other general corporate purposes.

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