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.

Share this article

Follow Tidal Energy Today

Events>

<< Feb 2018 >>
MTWTFSS
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 1 2 3 4

Waterpower Week 2018

This 3-day jam packed event provides you the opportunity to network, learn about legislative and regulatory initiatives, and discuss…

read more >

RenewableUK Wave & Tidal 2018

The event will bring together leading developers, OEM’s, financial and innovation funding experts, technical and safety professionals…

read more >

Scottish Renewables Annual Conference

Scottish Renewables’ Annual Conference 2018 will take place against a background of these debates and examine in detail what these changes…

read more >

Maritime & Offshore Career Event (MOCE)

There is something for everyone; MOCE is not only for starters, experienced professionals also visit the event to find their next career move…

read more >