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Ocean Power to sell up to $10M of common stock to Aspire Capital Fund

Ocean Power Technologies Inc. signed an agreement to sell up to $10 million in common stock to Aspire Capital Fund LLC for a term of 30 months, starting from the filing of a registration statement with the SEC.

Under the agreement, Ocean Power will determine the timing and amount of any sales based on market price at the time of each sale.

Proceeds from the transaction will be used by the company for general corporate purposes plus working capital.