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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): July
8, 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
July 8, 2024, Ocean Power Technologies, Inc. (the “Company”) issued a press release announcing execution of a Reseller Agreement
with Survey Equipment Services for the United States. A copy of the press release is attached hereto as Exhibit 99.1 and is hereby incorporated
by reference.
On
July 9, 2024, the Company issued a press release announcing execution of a Memorandum of Understanding with AltaSea at the Port of Los
Angeles to advance wave power projects. 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. |
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:
July 10, 2024 |
/s/
Philipp Stratmann |
|
Philipp
Stratmann |
|
President
and Chief Executive Officer |
Exhibit
99.1
![](https://www.sec.gov/Archives/edgar/data/1378140/000149315224026827/ex99-1_001.jpg)
Ocean
Power Technologies Signs Reseller Agreement with Survey Equipment Services for the USA
Includes
an immediate sale of a WAM-V
MONROE
TOWNSHIP, NJ, July 8, 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, is pleased to announce the signing of
a reseller agreement with Survey Equipment Services, Inc. (“SES”) a specialist in the supply of Marine Survey and Navigation
equipment. The agreement focuses on the provision of OPT’s Unmanned Surface Vehicles (USV), the WAM-Vs, in the USA. It also includes
provisions for operators. SES has procured a WAM-V available immediately for demonstrations and is providing support for ongoing operations.
Philipp
Stratmann, CEO of OPT, expressed his enthusiasm on the partnership: “We are excited to partner with SES. This agreement allows
us to leverage SES’s offering of survey and navigation equipment and deploy WAM-V’s to SES’s customer base. This partnership
further accelerates our growth and enables additional revenue stream.”
For
additional information about OPT and its services, please visit our website Ocean Power Technologies. For additional information
about Survey Equipment Services and its services please visit their website Survey Equipment Services.
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 potential success with our new partner, Survey Equipment Services, the delivery of customers
services and the 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
![](https://www.sec.gov/Archives/edgar/data/1378140/000149315224026827/ex99-2_001.jpg)
Ocean
Power Technologies Signs Agreement with AltaSea to Advance Wave Power Projects
Will
explore opportunities to advance Blue Economy projects
MONROE
TOWNSHIP, NJ, July 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 it has signed a Memorandum
of Understanding (MOU) with AltaSea at the Port of Los Angeles (AltaSea). The joint aim is to explore exciting opportunities within the
Blue Economy. This agreement follows a recent visit to AltaSea by Philipp Stratmann, CEO and President of OPT.
Philipp
Stratmann, CEO and President of OPT, expressed his enthusiasm about this MOU, stating, “As we continue our growth, we are excited
to partner with AltaSea to explore supporting the group of companies developing and deploying marine energy and Blue Economy technologies
and projects here in the Port of Los Angeles. We are also excited about the opportunities for staging our renewable energy PowerBuoys
and WAM-V unmanned surface vehicles at AltaSea for other projects in the Pacific Ocean.”
Jade
Clemons, Director of the Blue Sustainable Economy Alliance at AltaSea, shared, “We couldn’t be more pleased to welcome OPT
to the AltaSea wave and tidal energy coalition. There’s extraordinary potential, and extraordinary need, for marine energy in California
as the state strives to meet its clean energy goals. The experience and expertise OPT brings to the space will be valuable to advancing
the industry as a whole statewide.”
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.
About
AltaSea at the Port of Los Angeles
AltaSea
at the Port of Los Angeles, located on 35 acres at North America’s leading seaport by both container volume and cargo value, is
an ocean technology campus that has become the hub for marine science, research, and education. AltaSea has 27 tenants exclusively focused
on ocean innovation and research collaborations with numerous colleges and universities, including USC and UCLA – all finding solutions
to climate change through the ocean. AltaSea is dedicated to accelerating scientific collaboration, advancing an emerging blue economy
through business innovation and job creation, and inspiring the next generation, all for a more sustainable, just, and equitable world.
For
more information on AltaSea, please visit: https://altasea.org.
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 success of our new AltaSea relationship, the continued success of its vehicles and PowerBuoys.
the 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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