New Jersey-based wave energy developer, Ocean Power Technologies (OPT), is looking to raise $1.6 million from its latest public offering of common stock and warrants.
OPT announced the pricing of a registered direct offering of 417,000 shares of common stock and warrants to purchase a total of 145,950 shares of its common stock.
Each share of common stock is being sold together with a warrant to purchase 0.35 shares of OPT’s common stock at a combined purchase price of $4.60 per share, OPT informed.
The warrants will be exercisable, starting six months after the date of issuance, at a price of $6.04 per full share of common stock for a period of five years from the closing of the offering.
The offering is expected to close on June 7, 2016.
OPT has stated that the net proceeds from the sale of securities would be used for general corporate purposes.
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