Ocean Power Technologies Acquires Marine Advanced Robotics For $11M

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.