08:48 AM EDT, 06/05/2026 (MT Newswires) -- Ocean Power Technologies ( OPTT ) has priced a registered direct offering of 25 million shares and warrants for an additional 25 million shares at $0.40 per share and warrant, the company said Friday.

The offering was priced at a premium to Thursday's closing price, the company said. The gross proceeds to the company are expected to be $10 million, with the net proceeds to be used for working capital and general corporate purposes, the company added.

The closing of the offering is expected on or about Monday.

Ocean Power Technologies ( OPTT ) shares were down 18% in recent Friday premarket activity.