Ocean Power Technologies (OPT) has priced an underwritten public offering of common stock and warrants looking to raise approximately USD 15 million.
The New Jersey-based wave energy conversion specialist is looking to sell about 4.28 million shares of common stock at $3.50 a share plus common warrants to purchase 4.28 million shares of common stock that are exercisable at $3.85 and/or pre-funded warrants, each of which is exercisable for one common share, together with a number of common warrants to buy 4.28 million common shares.
The pre-funded warrants will have a purchase price of $3.49 per share, with the remaining exercise price of each such warrant equalling USD 0.01 per share.
The underwriter of the offering has been given a 45-day option to buy up to an additional 642,852 common shares and/or 642,852 common warrants to cover any over-allotments.
The offering is expected to close on April 8, 2019.
A.G.P./Alliance Global Partners is acting as the sole book-running manager for the offering.