Ocean Power Technologies Prices Offering Of Up To 9,375,000 Shares And Warrants At $0.64/Unit

Pursuant to this prospectus, we are offering an aggregate of up to 9,375,000 shares of our common stock, par value $0.001 per share (the "common stock"), together with common warrants to purchase up to an aggregate of 9,375,000 shares of our common stock (the "common warrants"). This offering also relates to the offering of the shares of common stock that are issuable from time to time upon exercise of the common warrants pursuant to this prospectus. Each share of our common stock is being sold together with a common warrant to purchase one share of our common stock at an assumed combined purchase price of $0.64 per share and accompanying common warrant.
Each common warrant will entitle the holder to purchase one share of common stock at an exercise price of $[*] per share, equal to 100% of the combined offering price per share of common stock and accompanying common warrant, is exercisable at any time or times on or after the initial exercise date and expires five years from the initial exercise date. A holder of a common warrant may not exercise any portion of a common warrant to the extent that the holder, together with its affiliates and any other person or entity acting as a group, would beneficially own more than 4.99% (or, at the election of the holder prior to issuance, 9.99%) of our outstanding shares of common stock after exercise, as such ownership percentage is determined in accordance with the terms of the common warrants, except that upon notice from the holder to us, the holder may increase or decrease such limitation, provided that the limitation may not exceed 9.99% and any increase will not be effective until 61 days after such notice is delivered to us.