Ocean Power Technologies, Inc. (Nasdaq:OPTT) announced the pricing of its US IPO of 5 million shares of its common stock at $20.00 per share.
The Company’s common stock is expected to begin trading on the Nasdaq Global Market on April 25. The Company plans to continue to list on the AIM market of the London Stock Exchange.
The joint book-running underwriters for the offering are UBS Investment Bank, Banc of America Securities LLC and Bear, Stearns & Co. Inc. First Albany Capital Inc. is acting as co-manager.
Ocean Power Technologies, Inc. develops and is commercializing proprietary systems that generate electricity by harnessing the renewable energy of ocean waves. The Company’s PowerBuoy® system is based on modular, ocean-going buoys, which have been ocean tested for nearly a decade. The waves move the buoy-like structure creating mechanical energy that the Company’s proprietary technologies convert into electricity.