Ocean Power Technologies, Inc. Launches Common Stock Offering
10 October 2016 - 11:00PM
Ocean Power Technologies, Inc. (NASDAQ:OPTT) (“OPT” or the
“Company”), announced today the launch of an underwritten public
offering of 2,500,000 shares of its common stock, subject to market
and other conditions. The underwriters will have an option to
purchase up to an additional 375,000 shares of common stock from
the Company. All of the shares to be sold in this offering
will be sold by the Company.
OPT intends to use the net proceeds from this
offering for general corporate purposes, which may include
additional development, testing and demonstrations of its PowerBuoy
system with the goal of furthering and accelerating its
commercialization efforts and expanding its sales and marketing
functions.
Roth Capital Partners, LLC and Maxim Group LLC are
acting as representatives of the underwriters. The
underwritten public offering will be made only by means of a
prospectus, copies of which may be obtained from Roth Capital
Partners, LLC, 888 San Clemente Drive, Suite 400, Newport Beach, CA
92660, phone (800) 678-9147, or from Maxim Group LLC, 405 Lexington
Ave., New York, NY 10174, phone (800) 724-0761. When
available, an electronic copy of the prospectus may also be
obtained at no charge at the Securities and Exchange Commission's
website at http://www.sec.gov.
The common stock will be issued and sold pursuant
to a registration statement on Form S-1 previously filed with the
Securities and Exchange Commission.
This press release shall not constitute an offer to
sell or the solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction. This offering may
only be made by means of a prospectus which is part of the
Registration Statement on Form S-1.
About Ocean Power Technologies,
Inc. Headquartered in Pennington, New Jersey, Ocean Power
Technologies (OPTT) is a leader in ocean wave energy conversion.
OPT’s proprietary PowerBuoy® technology is based on a scalable and
modular design. OPT specializes in cost-effective and
environmentally sound ocean wave based power generation and
management technology.
Cautionary Statement Regarding Forward
Looking Statements This release may contain
"forward-looking statements" that are within the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are identified by certain words or
phrases such as "may", "will", "aim", "will likely result",
"believe", "expect", "will continue", "anticipate", "estimate",
"intend", "plan", "contemplate", "seek to", "future", "objective",
"goal", "project", "should", "will pursue" and similar expressions
or variations of such expressions. These forward-looking statements
reflect the Company's current expectations about its future plans
and performance. These forward-looking statements rely on a number
of assumptions and estimates which could be inaccurate and which
are subject to risks and uncertainties. Actual results could vary
materially from those anticipated or expressed in any
forward-looking statement made by the Company. Please refer to the
Company's Registration Statement on Form S-1 and most recent Forms
10-Q and 10-K and subsequent filings with the SEC for a further
discussion of these risks and uncertainties. The Company disclaims
any obligation or intent to update the forward-looking statements
in order to reflect events or circumstances after the date of this
release.
Contact:
Company Contact:
Matthew T. Shafer,
Chief Financial Officer of OPT
Phone: 609-730-0400
Investor Relations Contact:
Andrew Barwicki
Barwicki Investor Relations Inc.
Phone: 516-662-9461
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