Corporate ActionJun 5, 2026, 08:15 AM
Ocean Power Technologies to raise $10M via direct offering
AI Summary
Ocean Power Technologies announced it has entered into securities purchase agreements with institutional investors for a registered direct offering. The offering involves the sale of 25,000,000 shares of common stock and common warrants to purchase an equal number of shares at a combined price of $0.40 per share and warrant. This transaction is expected to generate approximately $10.0 million in gross proceeds, which the company plans to use for working capital and general corporate purposes. The offering was priced at a premium to yesterday's closing price and is expected to close around June 8, 2026.
Key Highlights
- Ocean Power Technologies to raise approximately $10.0 million in gross proceeds.
- Offering includes 25,000,000 shares of common stock and 25,000,000 common warrants.
- Combined purchase price is $0.40 per share of common stock and accompanying warrant.
- Warrants exercisable at $0.40 per share, six months after issuance, expiring in 6 years.
- Proceeds will be used for working capital and general corporate purposes.
- Offering priced at a premium to yesterday's closing price.
Price Impact
More from OPTT