PENNINGTON, N.J., June 07, 2016 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc.(NASDAQ:OPTT) announced the closing of its previously announced registered direct offering to several institutional investors to purchase 417,000 shares of common stock and warrants to purchase an aggregate of 145,952 shares of its common stock. Each share of common stock was sold 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 $6.08 per full share of common stock and will be exercisable for a period of five years from closing.

Roth Capital Partners 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 received net proceeds of approximately $1.6 million from the offering. 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.