Ocean Power Technologies, Inc. Files Registration Statement for Initial Public Offering in US

PENNINGTON, N.J.--(BUSINESS WIRE)--Ocean Power Technologies, Inc. (“OPT” or the “Company”) announced today that it has filed a registration statement with the Securities and Exchange Commission to register up to $100 million in shares for a proposed public offering of the Company’s common stock in the United States. All shares of the common stock to be sold in the offering will be sold by Ocean Power Technologies, Inc.

The Company will apply to list the shares to be sold in the offering on The NASDAQ Global Market and on the AIM market of the London Stock Exchange. After the offering, the Company plans to continue to list its common stock on the AIM market of the London Stock Exchange.

The Company intends to use net proceeds of the offering to construct demonstration wave power stations and to fund minority investments in wave power station projects to encourage market adoption of the Company’s wave power stations; to fund the continued development of the Company’s PowerBuoy® system, including increases in system output; to expand its international sales and marketing capabilities; and for working capital and general corporate purposes, including potential acquisitions of complementary businesses, products or technologies.

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. The offering will be made only by means of a prospectus. When available, copies of the preliminary prospectus relating to this offering may be obtained by contacting UBS Investment Bank, at 299 Park Avenue, New York, New York 10171, Attention: Prospectus Department, telephone [phone]; Banc of America Securities LLC, at 100 West 33rd Street, 3rd Floor, New York, NY 10001, Attention: Capital Markets Operations, email: [e-mail]; or Bear, Stearns & Co. Inc., at 383 Madison Avenue, New York, New York 10179, Attention: Prospectus Department.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time that the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any US state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About Ocean Power Technologies

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.