Ocean Power Technologies, Inc. has announced that it has executed a Common Stock Purchase Agreement with Aspire Capital Fund, LLC to sell up to US$10 Million in common stock to Aspire Capital over a term of 30 months, commencing after a registration statement related to the transaction has been filed and declared effective by the U.S. Securities and Exchange Commission. Proceeds will be used by Ocean Power for general corporate purposes, including working capital.
Key terms under the Purchase Agreement include:
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