US-based wave energy developer Ocean Power Technologies (OPT) has unveiled plans to offer shares of its common stock for sale in a best efforts public offering.
OPT said it intends to use the net proceeds from the offering for working capital and to fund other general corporate purposes.
The public offering, subject to market conditions, will be managed by Aegis Capital Corp, according to OPT.
OPT added it cannot make assurances as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
To remind, OPT has developed PowerBuoy device that harvests the energy of the waves, and can act as both power and communication platform for remote offshore applications.
Its PowerBuoy portfolio includes power output ranges up to 3kW and up to 15kW, with its commercial PB3 PowerBuoy, and PB15 which is still under development.