OPTT enters US$10m common stock purchase agreement with Aspire Capital Fund

Ocean Power Technologies (OPTT) has executed a new Common Stock Purchase Agreement with Aspire Capital Fund to sell up to US$10 Million in common stock to Aspire Capital over a term of 30 months. Proceeds will be used by OPT to build additional PB3 PowerBuoys® to meet potential market demand, to further advance the development of new products, and for other general corporate purposes.

Under the deal, Ocean Power Technologies will control the timing and amount of any sales to Aspire Capital based on the market price at the time of each sale. Ocean Power Technologies also has the right to sell shares to Aspire Capital at up to 30% to the trading volume of the shares for the next business day at a volume-weighted average price at the lesser of the closing sale price or 97% of the next day’s VWAP.