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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): May 28, 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. ☐
On
May 28, 2024, Ocean Power Technologies, Inc. (the “Company”) issued a press release announcing the completion of operation
with multiple unmanned surface vehicles for the U.S. government. A copy of the press release is attached hereto as Exhibit 99.1 and is
hereby incorporated by reference.
On
May 30, 2024, the Company issued a press release announcing the completion of engineering for its Merrows offering for hot climates.
A copy of the press release is attached hereto as Exhibit 99.2 and is hereby incorporated by reference.
Item
9.01 |
Financial
Statements and Exhibits. |
Exhibits
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:
May 30, 2024 |
By:
|
/s/
Philipp Stratmann |
|
|
Philipp
Stratmann |
|
|
President
and Chief Executive Officer |
Exhibit
99.1
Ocean
Power Technologies Completes Operation with Multiple Unmanned Surface Vehicles for US Government
Contractual
Milestone Enables Revenue Recognition
MONROE
TOWNSHIP, NJ, May 28, 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 it has completed a major
contractual milestone and concluded operation of several simultaneously deployed WAM-Vs for a Department of the US Government. This milestone
enables immediate revenue recognition.
This
milestone builds on other recent multi-system deliveries and contract awards.
Philipp
Stratmann, CEO and President of OPT, expressed his enthusiasm about this milestone, stating, “The completion of this operation
is testament to the utility of our unmanned surface vehicles and the skills of our operators. We look forward to future operations and
generating incremental value for our customers and shareholders.”
For
additional information about OPT and its services, 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. 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. These forward-looking statements rely on a number of assumptions and estimates that could be inaccurate and subject
to risks and uncertainties, including the continued success of its WAM-V operations and conversion of potential customers to contracts
and the realization of the potential revenue thereunder. Actual results 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 investorrelations@oceanpowertech.com
Media:
609-730-0400 x402 or MediaRelations@oceanpowertech.com
Exhibit
99.2
Ocean
Power Technologies Completes Engineering of Merrows for Hot Climates
Enables
Further Expansion to Middle East and Africa
MONROE
TOWNSHIP, NJ, May 30, 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 it has completed the
necessary engineering for Merrows, its Artificial Intelligence capable Maritime Domain Awareness
Solution, to be deployed in hot climates. The engineering efforts integrated lessons learned from current and previous deployments,
including in Bahrain. These efforts were necessitated by increased interest in the solution in regions such as the Middle East, Sub-Saharan
Africa, and North Africa.
The
Company had previously completed hot climate deployments of the WAM-Vs and is now offering its integrated Merrows solution across most
of the globe.
Philipp
Stratmann, CEO and President of OPT, expressed his enthusiasm about this development, stating, “In addition to our recent expansion
into Latin America, we are excited to start offering services in Sub-Saharan and North Africa, and the Middle East. Offering an integrated
AI solution enables our potential customers to easily integrate PowerBuoys and WAM-Vs into their operations.”
For
additional information about OPT and its services, 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. 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. These forward-looking statements rely on a number of assumptions and estimates that could be inaccurate and subject
to risks and uncertainties, including the continued success of its Merrows solution and the realization of the potential revenue thereunder.
Actual results 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 investorrelations@oceanpowertech.com
Media:
609-730-0400 x402 or MediaRelations@oceanpowertech.com
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