MONROE TOWNSHIP, N.J., April 09, 2019 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NASDAQ: OPTT), a leader in innovative and cost-effective ocean energy solutions, today announced the closing of its previously announced offering of common stock, pre-funded warrants and common warrants. At the closing, the Company issued 900,000 shares of common stock, pre-funded warrants exercisable for 3,385,680 shares of common stock and common warrants exercisable for 4,285,680 shares of common stock. In addition, the Company issued 642,000 shares of common stock and common warrants exercisable for 642,000 shares of common stock, pursuant to the exercise, in full, of the over-allotment option by the underwriter in the Offering. The combination of all aforementioned issued shares of common stock and warrants resulted in a total aggregate net proceeds to the Company of approximately $15.7 million after deducting underwriter fees, commissions and other offering expenses paid by the Company.

A.G.P./Alliance Global Partners acted as the sole book-running manager for the Offering.

About Ocean Power Technologies

Headquartered in Monroe Township, New Jersey, Ocean Power Technologies aspires to transform the world through durable, innovative and cost-effective ocean energy solutions. Its PowerBuoy^® and subsea battery solution product lines, along with its Innovation and Support Services provide clean and reliable electric power and real-time data communications for remote offshore and subsea applications in markets such as oil and gas, defense and security, science and research, and communications. To learn more, visit www.oceanpowertechnologies.com.