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Ocean Power Technologies (OPTT) Stock Surges After Pricing Public Offering

NEW YORK (TheStreet) -- Shares of Ocean Power Technologies (OPTT) are soaring 15.60% to $10.82 on heavy trading volume early Friday afternoon as it will raise about $4 million from a best efforts public offering.

The Pennington, NJ-based company has priced 595,000 units at $6.75 each.

Each unit consists of one share of common stock and 0.3 of a warrant to purchase one share of common stock at an exercise price of $9.36 per share, according to a company statement. The warrants will be exercisable immediately for five years from their issuance...