MONROE TOWNSHIP, N.J., June 05, 2026 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE:OPTT) ("OPT" or the "Company"), today announced that it has entered into securities purchase agreements with certain institutional investors for the purchase and sale of 25,000,000 shares of the Company's common stock together with common warrants to purchase up to 25,000,000 shares of common stock in a registered direct offering at a combined purchase price of $0.40 per share of common stock and accompanying common warrant. The offering was priced at a premium to yesterday's closing price. The common warrants will be exercisable on the six month anniversary of the date of issuance at an exercise price of $0.40 per share and will expire 6 years from the initial date of exercise.

Ladenburg Thalmann & Co. Inc. is acting as the exclusive placement agent for the offering.

The closing of the registered direct offering is expected to occur on or about June 8, 2026, subject to the satisfaction of customary closing conditions.

The gross proceeds to the Company from the registered direct offering, before deducting the placement agent fees and other offering expenses payable by the Company, are expected to be approximately $10.0 million. The Company intends to use the net proceeds from the offering for ...