Ocean Power Technologies (OPT), a New Jersey-based wave energy developer, has launched an underwritten public offering of shares of its common stock.
OPT has put 2,500,000 of shares of its common stock to an underwritten public offering, with an option for underwriters to purchase up to 375,000 additional shares of common stock from the company, OPT informed.
OPT plans 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 are acting as representatives of the underwriters, and all of the shares to be sold in this offering will be sold by OPT, according to the company.