Company Update (NASDAQ:OPTT): Here’s Why Ocean Power Technologies Inc Shares Tumbled 18% Today
Ocean Power Technologies Inc (NASDAQ:OPTT) investors woke up on Friday to find the stock trading 18% lower, after the wave energy firm filed for a public offering of common stock.
More specifically, a SEC filing showed that the company is proposing a public offering of 2,400,000 shares of the Company’s common stock, par value $.001 per share, and an additional 360,000 shares of Common Stock to cover any over-allotments, at a price to the public of $2.75 per share, nearly 32% discount to yesterday’s closing price.
After deducting underwriting discounts and commissions and estimated offering expenses, the Company expects to realize net proceeds from the Offering of approximately $6.0 million.
OPTT has a 1-year high of $15.65 and a 1-year low of $0.95. The stock’s 50-day moving average is $7.66 and its 200-day moving average is $4.90.
Ocean Power Technologies, Inc. is a renewable wave-energy technology company, which converts ocean wave energy into electricity. Its products include PowerBuoy. The PowerBuoy system integrates patented technologies in hydrodynamics, electronics, energy conversion, and computer control systems to extract the natural energy in ocean waves. Ocean Power was founded by George W. Taylor on April 19, 1984 and is headquartered in Pennington, NJ.