Ocean Power Technologies has filed with the Securities and Exchange Commission to register up to $100 million in shares for a proposed public offering.Ocean Power Technologies has filed with the Securities and Exchange Commission to register up to $100 million in shares for a proposed public offering. All common stock for sale in the offering is to be sold by the Pennington-based company, which makes floating devices that generate electricity from ocean waves.
Ocean Power will list the shares to be sold in the offering on the Nasdaq global market and on the London Stock ExchangeÂs AIM market. The device maker plans to continue listing its common stock on the AIM market after the offering.
The company plans to use cash from its public sale to build wave-power stations for demonstrations, to continue developing its proprietary wave-harnessing system and to expand its sales and marketing departments around the world.
UBS Investment Bank, Banc of America Securities and Bear, Stearns are the joint book-running underwriters for the offering. First Albany Capital is co-manager.