OPT scores over $7M through share sale

Ocean Power Technologies (OPT) has raised over $7 million through its underwritten public share sale.

The gross proceeds to OPT from this offering are approximately $8.1 million, while net proceeds are approximately $7.2 million after deducting underwriting discounts and commissions and other offering expenses payable by OPT.

The underwritten public offering of 5,385,000 shares of OPT’s common stock at an offering price of $1.30 per share was closed on May 2, 2017.

The US-based wave energy developer said the underwriter also exercised the over-allotment option to purchase an additional 807,750 shares of common stock.

Aegis Capital Corp. acted as the sole book-running manager for the offering.