Ocean Power Tech to launch 2.5M-share offering

• Ocean Power Technologies (NYSE:OPTT) -15.1% premarket after announcing a 2.5M-share public offering, with an underwriters option to purchase up to an additional 375K shares.
• OPTT says it plans to use the proceeds for general corporate purposes, which may include additional development and demonstrations of its PowerBuoy system to raise its commercialization efforts and expand its sales and marketing functions.