Ocean Power Technologies terminates ATM offering agreement with AGP after raising $50M

Ocean Power Technologies, Inc.

Terminated At the Market Offering Agreement with A.G.P./Alliance Global Partners effective June 2, 2023.
Under the agreement, 17,179,883 shares sold at ~$2.91 average for $50M total proceeds; $1.6M commission paid.
No penalties incurred for termination; no new equity facility announced.
Company retains ability to raise capital through other means going forward.

item 1.02

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Ocean Power Technologies, Inc. terminated AGP Agreement with A.G.P/Alliance Global Partners (effective 2023-06-02).

Action: termination
Agreement: atm program
Counterparty: A.G.P/Alliance Global Partners
Effective: 2023-06-02

Exact text from the filing

Effective June 2, 2023, Ocean Power Technologies, Inc. (the “Company”) terminated its At the Market Offering Agreement with A.G.P/Alliance Global Partners (“AGP”) dated November 20, 2020 (the “AGP Agreement”).

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Ocean Power Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-020565

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