PENNINGTON, N.J., Oct. 18, 2017 (GLOBE NEWSWIRE) -- OCEAN POWER TECHNOLOGIES, INC. (NASDAQ:OPTT) announced today that it intends to offer shares of its common stock for sale in a best efforts public offering. The Company intends to use the net proceeds from this offering for working capital and to fund other general corporate purposes. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Aegis Capital Corp. is acting as the sole placement agent for the offering.

About Ocean Power Technologies, Inc.

Headquartered in Pennington, New Jersey, OPT is a leader in ocean wave energy conversion. OPT’s proprietary PowerBuoy® technology is based on a scalable and modular design. OPT specializes in cost-effective and environmentally sound ocean wave based power generation and management technology.