Ocean Power Technologies announced the pricing of an underwritten public offering with gross proceeds of approximately $15M before deducting underwriting discounts, commissions and other offering expenses. The offering consists of 4,285,680 shares with a purchase price of $3.50 per share. The common warrants will have an exercise price of $3.85. The pre-funded warrants will have a purchase price of $3.49 per share. The offering is expected to close on April 8. A.G.P./Alliance Global Partners is acting as the sole book-running manager for the offering. Shares of Ocean Power are down 55%, or $4.30, to $3.46 in premarket trading.
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