Ocean Power Technologies Files for Equity Offering of up to 9.375M Shares and Warrants

Ocean Power Technologies, Inc. (OPTT) has filed an S-1/A amendment for a proposed offering of up to 9,375,000 shares of common stock along with an equal number of common warrants. The combined offering price is set at $0.64 per share and accompanying warrant, with an expected gross proceeds of $6,000,000 and net proceeds of approximately $5,640,000 after placement agent fees. The company, which specializes in Maritime Domain Awareness solutions, notes a history of operating losses and expects them to continue in the short-term. The offering is being conducted on a 'best efforts' basis with no minimum requirement. The company also recently completed a 1-for-30 reverse stock split.