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Ocean Power has that sinking feeling

Friday, October 14, 2016 7:31
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Shares in Ocean Power Technologies Inc (NASDAQ:OPTT) tumbled 18% to US$3.29 as the company priced its previously announced share offer at US$2.75 a share.

The company intends to use the funds from the underwritten offer for general corporate purposes, which may include additional development, testing and demonstrations of its PowerBuoy system, which generates electricity through wave power.

The fund-raising will give the company the wherewithal to increase its sales and marketing efforts.

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