Benzinga | Nov 16, 2021 02:01PM EST

Ocean Power Technologies Acquires Marine Advanced Robotics For $11M

* Ocean Power Technologies, Inc. (NYSE: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.