Ocean Power Technologies Inc. on Jan. 21 filed for registration of up to 5.4 million additional shares of its common stock in relation to a sale agreement with Aspire Capital Fund LLC.

Aspire Capital will act as an underwriter and sell the shares at a price which will be determined either by the prevailing market price or through negotiated transactions.

Ocean Power will receive proceeds of up to $10 million from the sale of its common stock to Aspire Capital, under an agreement entered into in October 2019, once the registration statement is effective.

Ocean Power will pay the expenses of registering these shares, while all selling and other expenses will be paid by Aspire Capital.