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Ocean Power Technologies to sell $10M in common shares

Ocean Power Technologies Inc. agreed to sell $10 million in common shares to Aspire Capital Fund LLC over a term of 30 months.

The company can sell up to 125,000 shares of stock each trading day as part of the agreement, according to an Oct. 25 news release.

Ocean Power Technologies will use the proceeds to build additional PB3 PowerBuoys to meet potential market demand, to further advance the development of new products, and for other general corporate purposes.