PENNINGTON, N.J., June 02, 2016 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc.(NASDAQ:OPTT) announced the pricing of a registered direct offering of 417,000 shares of common stock and warrants to purchase an aggregate of 145,950 shares of its common stock. Each share of common stock is being sold together with a warrant to purchase 0.35 shares of common stock of the Company at a combined purchase price of $4.60 per share. The warrants will be exercisable beginning six months and one day after the date of issuance at a price of $6.04 per full share of common stock and will be exercisable for a period of five years from closing, which is expected to occur on June 7, 2016.

Roth Capital Partners, LLC served as lead placement agent, and Rodman & Renshaw, a unit of H. C. Wainwright & Co., LLC, served as co-placement agent for the transaction.

The Company expects to receive net proceeds of approximately $1.6 million from the offering, after deducting placement agent fees and estimated offering expenses payable by the Company. The offering is expected to close on June 7, 2016, subject to customary closing conditions.

The Company intends to use the net proceeds from the sale of securities for general corporate purposes.

About Ocean Power Technologies

Headquartered in Pennington, New Jersey, Ocean Power Technologies (NASDAQ:OPTT) is a pioneer of ocean wave power generation and energy storage systems. OPT’s proprietary PowerBuoy® technology is based on a cost-effective, scalable, modular, and environmentally sound design which provides power and communications for a number of markets and applications.