25th Apr 2007 09:05
Ocean Power Technologies Inc25 April 2007 ------------------------------------------------------NEWS RELEASE------------------------------------------------------ Ocean Power Technologies, Inc. 1590 Reed Road Pennington, New Jersey 08534 USA For Immediate Release 24 April 2007 Ocean Power Technologies, Inc. Announces the Pricing of its Initial Public Offering in US Pennington, New Jersey - April 24, 2007 - Ocean Power Technologies, Inc.(Nasdaq: OPTT) today announced the pricing of its US initial public offering of5,000,000 shares of its common stock at a price to the public of $20.00 pershare. All of the 5,000,000 shares being sold in the offering are being sold bythe Company. In addition, the Company and certain stockholders of the Companyhave granted to the underwriters a 30-day over-allotment option to purchase upto an additional 750,000 shares of common stock, of which 660,000 shares may bepurchased from the Company and 90,000 shares may be purchased from the sellingstockholders. The Company will not receive any of the proceeds from the sale ofshares by the selling stockholders. The Company's common stock is expected tobegin trading on the Nasdaq Global Market on April 25, 2007 under the symbol"OPTT." After the offering, the Company plans to continue to list its commonstock on the AIM market of the London Stock Exchange. The joint book-running underwriters for the offering are UBS Investment Bank,Banc of America Securities LLC and Bear, Stearns & Co. Inc. First Albany CapitalInc. is acting as co-manager. The offering may be made only by means of a final prospectus. Copies of the final prospectus relating to this offering may be obtained by contacting UBS Investment Bank, at 299 Park Avenue, New York, New York 10171, Attention: Prospectus Department, telephone (212) 821-3000; Banc of America Securities LLC, at 100 West 33rd Street, 3rd Floor, New York, NY 10001, Attention: Capital Markets Operations, email: [email protected]; or Bear, Stearns & Co. Inc., at 383 Madison Avenue, New York, New York 10179, Attention: Prospectus Department. This press release does not constitute an offer to sell, or the solicitation ofan offer to buy, any of the securities, nor shall there be any sale of thesesecurities, in any state or jurisdiction in which such offer, solicitation orsale would be unlawful prior to registration or qualification under thesecurities laws of any such state or jurisdiction. About Ocean Power Technologies Ocean Power Technologies, Inc. develops and is commercializing proprietarysystems that generate electricity by harnessing the renewable energy of oceanwaves. The Company's PowerBuoy(R) system is based on modular, ocean-going buoys,which have been ocean tested for nearly a decade. The waves move the buoy-likestructure creating mechanical energy that the Company's proprietary technologiesconvert into electricity. For further information, please contact: Ocean Power Technologies, Inc Telephone: +1 609 730 0400Dr. George W. Taylor, Chief Executive Officer Telephone: +1 609 730 0400Charles F. Dunleavy, Chief Financial Officer Corfin Communications Telephone: +44 20 7929 8989Ben Hunt, Neil Thapar This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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