Ocean Power Technologies, Inc. (OPT) intends to offer shares of its common stock in an underwritten public offering which will be subject to market and other conditions.
Roth Capital Partners is acting as the sole manager for the offering.
OPT will use raised funds for capital expenditures, and general business purposes, including additional development, testing and demonstrations of its PowerBuoy systems. They also noted that funds could be used to make short-term investments.
The Company also included an option to acquire or invest in complementary businesses, products and technologies.
Press Release, April 04, 2014; Image: opt