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Ocean Power Technologies to offer up to $25M of common shares

Ocean Power Technologies Inc. entered into an agreement Jan. 7 with Alliance Global Partnersas sales agent for the potential sale from time to time of up to $25 million of its common shares.

Due to offering limitations applicable to Ocean Power Technologies and its public float as of Jan. 7, and in accordance with the sales agreement, the company may offer up to $3.6 million of common shares to or through Alliance, according to a filing.

Ocean Power Technologies will pay Alliance a commission of 3.25% of the gross sales proceeds of any common shares sold through Alliance as sales agent. The company also agreed to provide Alliance with customary indemnification and contribution rights and to reimburse it for certain expenses.