- Ocean Power Technologies, Inc. OPTT closed on an acquisition of Marine Advanced Robotics, Inc. (MAR), a Richmond, California-based developer and manufacturer of autonomous surface vehicles (ASVs).
- The company paid $11.0 million at closing, consisting of $4.0 million in cash and $7.0 million in common stock. The deal also includes the additional earn-out opportunity for MAR based on revenue performance over the next two years.
- This acquisition immediately provides OPT with an established offshore product line.
- Ocean Power held cash and equivalents of $78.3 million as of July 31, 2021
- MAR continues to operate under its current brand name as a wholly-owned subsidiary of Ocean Power.
- Price Action: OPTT shares are trading lower by 2.32% at $2.04 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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