Following the recent announcement by Ocean Power Technologies, Inc. (OPT) to offer shares of its common stock, the company has announced the pricing of an underwritten public offering of 3,800,000 shares of its common stock at a price of $3.10 per share.
The offering is expected to close on April 9, 2014, subject to customary closing conditions.
OPT intends to use the acquired funds for capital expenditures, further development of its PowerBuoy systems, as well for short-term investments.