false 0001378140 0001378140 2024-12-09 2024-12-09 0001378140 OPTT:CommonStock0.001ParValueMember 2024-12-09 2024-12-09 0001378140 OPTT:SeriesPreferredStockPurchaseRightsMember 2024-12-09 2024-12-09 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 8-K

 

Current Report Pursuant to Section 13 or 15(d) of

the Securities Act of 1934

 

Date of Report (Date of earliest event reported): December 9, 2024

 

Ocean Power Technologies, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware   001-33417   22-2535818

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

 

28 Engelhard Drive, Suite B

Monroe Township, New Jersey

 

08831

(Address of principal executive offices)   (Zip Code)

 

(609) 730-0400

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
     
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol (s)   Name of each exchange on which registered
Common Stock, $0.001 Par Value   OPTT   NYSE American
Series A Preferred Stock Purchase Rights   N/A   NYSE American

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 8.01 Other Events.

 

On December 9, 2024, Ocean Power Technologies, Inc. (the “Company”) issued a press release announcing a purchase order commitment for its products in Latin America. A copy of the press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference.

 

Item 9.01 Financial Statements and Exhibits.

 

Exhibits    
     
99.1   Press release dated December 9, 2024.
     
104   Cover Page Interactive Data File (embedded within the Inline XBRL document

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  Ocean Power Technologies, Inc.
   
Dated: December 12, 2024 /s/ Philipp Stratmann
  Philipp Stratmann
  President and Chief Executive Officer

 

 

 

 

Exhibit 99.1

 

 

Ocean Power Technologies Secures $3 Million in Purchase Order Commitments for WAM-V USV’s in Latin America

 

New partner helps to further increase OPTs presence in region.

 

MONROE TOWNSHIP, NJ, December 9, 2024 - Ocean Power Technologies, Inc. (NYSE American: OPTT) (“OPT” or the “Company”), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced a new partnership, with $3M of purchase order commitments over 36 months in Latin America. This increases by $1.5M the previously announced $1.5M of purchases orders in Latin America.

 

The WAM-V USV’s, renowned for their cutting-edge technology and versatility, will be deployed in hydrographic applications and by utilizing their adaptability and reliability will provide our customer with an unrivaled versatile multi-application solution. This landmark order not only underscores the growing demand for OPT’s innovative solutions but also solidifies the Company’s position as a leader in the maritime artificial intelligence robotics sector.

 

Commenting on this significant achievement, Philipp Stratmann, President and CEO of Ocean Power Technologies, expressed his enthusiasm, stating, “We are thrilled to have a new partnership in Latin America, that builds on the growth we have seen in this region recently. This order highlights our continued commitment to delivering unparalleled solutions to the region that redefine possibilities in marine artificial intelligence.”

 

With a proven track record of delivering state-of-the-art solutions tailored to meet the evolving needs of diverse industries, OPT remains at the forefront of innovation in the maritime artificial intelligence robotics sector.

 

The Company believes that its dedication to excellence and customer satisfaction continues to drive its success, enabling it to forge strategic partnerships and expand its global footprint.

 

For more information about Ocean Power Technologies and their innovative solutions, please visit our website: Ocean Power Technologies.

 

 

 

 

About Ocean Power Technologies

 

OPT provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets, including Merrows, which provides AI capable seamless integration of Maritime Domain Awareness Systems across platforms. Our PowerBuoy® platforms provide clean and reliable electric power and real-time data communications for remote maritime and subsea applications. We also provide WAM-V® autonomous surface vessels (ASVs) and marine robotics services. The Company’s headquarters is in Monroe Township, New Jersey and has an additional office in Richmond, California. To learn more, visit www.OceanPowerTechnologies.com.

 

Forward-Looking Statements

 

This release may contain forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases such as “may”, “will”, “aim”, “will likely result”, “believe”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”, “contemplate”, “seek to”, “future”, “objective”, “goal”, “project”, “should”, “will pursue” and similar expressions or variations of such expressions. These forward-looking statements reflect the Company’s current expectations about its future plans and performance, including its anticipated penetration of the Latin America market. These forward-looking statements rely on a number of assumptions and estimates that could be inaccurate and subject to risks and uncertainties. Actual results, including the performance of the WAM-V USV’s, could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company’s most recent Forms 10-Q and 10-K and subsequent filings with the U.S. Securities and Exchange Commission for further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.

 

Contact Information

 

Investors: 203-561-6945 or OPTT@investor.morrowsodali.com

Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com

 

 

 

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Dec. 09, 2024
Document Type 8-K
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Document Period End Date Dec. 09, 2024
Entity File Number 001-33417
Entity Registrant Name Ocean Power Technologies, Inc.
Entity Central Index Key 0001378140
Entity Tax Identification Number 22-2535818
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 28 Engelhard Drive
Entity Address, Address Line Two Suite B
Entity Address, City or Town Monroe Township
Entity Address, State or Province NJ
Entity Address, Postal Zip Code 08831
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Common Stock, $0.001 Par Value  
Title of 12(b) Security Common Stock, $0.001 Par Value
Trading Symbol OPTT
Security Exchange Name NYSEAMER
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Title of 12(b) Security Series A Preferred Stock Purchase Rights
Trading Symbol N/A
Security Exchange Name NYSEAMER

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