PENNINGTON, N.J., Oct. 23, 2017 (GLOBE NEWSWIRE) -- OCEAN POWER TECHNOLOGIES, INC. (NASDAQ:OPTT) announced the closing of its previously announced best efforts public offering of 5,739,437 shares of its common stock at a price to the public of $1.42 per common share. The Company received net proceeds of approximately $7.4 million from the offering after deducting placement agent fees, commissions and other offering expenses paid by the Company.

Aegis Capital Corp. acted as the sole placement agent for the offering.

About Ocean Power Technologies, Inc.

Headquartered in Pennington, New Jersey, OPT is a leader in ocean wave energy conversion. OPT’s proprietary PowerBuoy technology is based on a scalable and modular design. OPT specializes in cost-effective and environmentally sound ocean wave based power generation and management technology.