Ocean Power Technologies enters $7M at-the-market equity offering with A.G.P./Alliance Global Partners

Ocean Power Technologies, Inc.

May sell up to $7M of common stock through A.G.P. as sales agent in ATM offering.
A.G.P. receives 3.00% commission on gross proceeds; offering effective March 21, 2024.
Shares issued under existing shelf registration statement (333-275843) effective Dec 12, 2023.
Proceeds for general corporate purposes and capital needs; no obligation to sell shares.

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. entered into Sales Agreement with A.G.P./Alliance Global Partners valued at up to $7,000,000 (effective 2024-03-21).

Action: entry
Agreement: atm program
Counterparty: A.G.P./Alliance Global Partners
Value: up to $7,000,000
Effective: 2024-03-21

Exact text from the filing

On March 21, 2024, Ocean Power Technologies, Inc. (the “Company”) entered into a sales agreement with A.G.P./Alliance Global Partners (“A.G.P.”), pursuant to which the Company may offer and sell shares of its common stock, par value $0.001 per share (the “Common Stock”), having an aggregate offering price of up to $7,000,000 (the “Shares”), to or through A.G.P., as sales agent (the “Sales Agreement”), from time to time, in an “at the market offering”

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Ocean Power Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-010814

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