Form 8-K - Current report
June 14 2024 - 4:05PM
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2024-06-11
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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): June 11, 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
(Address of principal executive offices) |
|
08831
(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) |
|
|
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☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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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
June 11, 2024, Ocean Power Technologies, Inc. (the “Company”) issued a press release announcing delivery of WAM-Vs to customer.
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
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:
June 14, 2024 |
/s/
Philipp Stratmann |
|
Philipp
Stratmann |
|
President
and Chief Executive Officer |
Exhibit 99.1
![A blue letter t
Description automatically generated](https://www.sec.gov/Archives/edgar/data/1378140/000149315224023856/ex99-1_001.jpg)
Ocean
Power Technologies Completes Delivery of First Set of New WAM-Vs to Sulmara
Contractual
Milestone Starts Lease Payments
MONROE
TOWNSHIP, NJ, June 11, 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 delivered the first set of new unmanned surface vehicles under the previously announced $1.6M contract to Sulmara
for operations globally. This milestone triggers lease payments to commence.
Philipp
Stratmann, CEO and President of OPT, expressed his enthusiasm about this milestone, stating, “The delivery of these vehicles is
testament to the execution ability of our team. We continue to convert pipeline to backlog to revenues to payments. We are grateful to
work with exceptional partners like Sulmara, who continue to deliver renewable and autonomous services for the global offshore energy
industry. We look forward to future deliveries and additional opportunities to deploy our assets globally.”
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
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Jun. 11, 2024 |
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Entity File Number |
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|
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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City Area Code |
(609)
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|
Trading Symbol |
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|
Security Exchange Name |
NYSEAMER
|
Series A Preferred Stock Purchase Rights |
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