Ocean Power Tech files for ~4M-share offering

|About: Ocean Power Technologies, Inc. (OPTT)|By:, SA News Editor

Ocean Power Technologies (NASDAQ:OPTT) -22.8% AH after disclosing it filed for a public offering of nearly 4M common stock.

OPTT says it plans to use the proceeds for expanding its sales and marketing through new hires and target market experts, increasing product manufacturing capabilities, and building additional PowerBuoys to meet potential market demand, and for other general corporate purposes.