MONROE TOWNSHIP, N.J., April 04, 2019 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NASDAQ: OPTT) announced the pricing of an underwritten public offering with gross proceeds of approximately $15,000,000, before deducting underwriting discounts, commissions and other offering expenses. The offering consists of: (i) 4,285,680 shares of our Common Stock together with a number of Common Warrants to purchase 4,285,680 shares of our Common Stock, and/or (ii) Pre-Funded Warrants, with each Pre-Funded Warrant exercisable for one share of Common Stock, together with a number of Common Warrants to purchase 4,285,680 shares of our Common Stock. The Common Stock will have a purchase price of $3.50 per share. The Common Warrants will have an exercise price of $3.85, will be exercisable upon issuance and will expire five years from the date of issuance. The Pre-Funded Warrants will have a purchase price of $3.49 per share, and the remaining exercise price of each Pre-Funded Warrant will equal $0.01 per share. Ocean Power Technologies, Inc. has granted the underwriter a 45-day option to purchase up to an additional 642,852 shares of Common Stock and/or 642,852 Common Warrants to cover over-allotments if any. The offering is expected to close on April 8, 2019, subject to customary closing conditions.

A.G.P./Alliance Global Partners is acting as the sole book-running manager for the offering.

About Ocean Power Technologies, Inc.

Headquartered in Monroe Township, New Jersey, OPT is a leader in ocean wave energy conversion. OPT’s proprietary PowerBuoy® technology is based on a scalable and modular design. OPT specializes in cost-effective and environmentally sound ocean wave based power generation and management technology.