OPTT News & Events

Ocean Power Technologies announced that it has entered into securities purchase agreements with certain institutional investors for the purchase and sale of 25M shares of the company's common stock together with common warrants to purchase up to 25M shares of common stock in a registered direct offering at a combined purchase price of 40c per share of common stock and accompanying common warrant. The offering was priced at a premium to yesterday's closing price. The common warrants will be exercisable on the six month anniversary of the date of issuance at an exercise price of 40c per share and will expire 6 years from the initial date of exercise. The gross proceeds to the company from the registered direct offering, before deducting the placement agent fees and other offering expenses payable by the company, are expected to be approximately $10M. The closing of the registered direct offering is expected to occur on or about June 8. Ladenburg Thalmann & Co. is acting as the exclusive placement agent for the offering.

Ocean Power announced it has secured a contract from a new Nordics based underwater research customer for a fully integrated WAM-V for immediate delivery. This contract expands the company's previously announced expansion into certain regions in the Nordics, working with end customers and governments. The vehicle will be assembled immediately and shipped to the customer.