OPT secures over $7M wave cash

OPT's PowerBuoy (Photo: OPT)

Ocean Power Technologies (OPT) has closed public common stock share sale raising a multi-million funding amount.

New Jersey-based wave energy developer OPT secured approximately $7.4 million in net proceeds through the public offering of common stock launched last week.

The offering, managed by Aegis Capital Corp, included 5,739,437 shares of OPT’s common stock priced at $1.42 per common share.

OPT said it plans to use the net proceeds from the offering for working capital and to fund other general corporate purposes.

The company has developed PowerBuoy device that harvests the energy of the waves, and can act as both power and communication platform for remote offshore applications.

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