OPTT - Ocean Power buys Marine Advanced Robotics in $11M deal

Ocean Power Technologies (NYSE:OPTT) agrees to acquire Marine Advanced Robotics, a California-based developer and manufacturer of autonomous surface vehicles, for $11M in cash and stock. Marine Advanced Robotics is the developer of Wave Adaptive Modular Vessel technology, which enables roaming capabilities for uncrewed equipment in waters around the world. The deal consists of $4M in cash and $7M in common stock, or slightly more than 3.33M shares. Seeking Alpha  contributor Individudal Trader writes that Ocean Power stock is "so oversold that we see strong potential here."

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Ocean Power buys Marine Advanced Robotics in $11M deal