Current Report Filing (8-k)
May 04 2020 - 8:01AM
Edgar (US Regulatory)
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 1, 2020
Ocean
Power Technologies, Inc.
(Exact
name of registrant as specified in its charter)
Delaware
|
|
001-33417
|
|
22-2535818
|
(State
or other jurisdiction
|
|
(Commission
|
|
(I.R.S.
Employer
|
of
incorporation)
|
|
File
Number)
|
|
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 240.14-2(b))
|
|
|
[ ]
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CRF 240.133-4(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
|
|
Nasdaq
Capital Market
|
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR
230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
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.
Paycheck Protection Program Loan
On May 1, 2020, Ocean
Power Technologies, Inc. (the “Company”) was informed that it would receive approximately $890,000 in support from
the U.S. federal government under the Paycheck Protection Program (the “PPP Loan”) established as part of the Coronavirus
Aid, Relief and Economic Security Act, or the CARES Act through the Small Business Association. The PPP Loan will be unsecured
and evidenced by a note in favor of Santander Bank, N.A. (“Santander”) as the lender (the “Note”), and
governed by a Loan Agreement with Santander (the “Loan Agreement”). The Company will update its disclosure respecting
the loan once documentation is finalized.
EGP Agreement
The Company and
Enel Green Power S.p.A. (“EGP”), part of the Enel
Group, a multinational energy company and global integrated electricity and gas operator, have mutually agreed under the contracts
between the Company and subsidiaries of EGP dated September 19, 2019 (together, the “EGP Agreements”), to extend the
required deployment date under the EGP Agreements for the PB3 PowerBuoy® to September 1, 2020, and to extend the date upon
which liquidated damages would begin to accrue for a failure to deploy by such date to September 30, 2020. A description of the
EGP Agreements is included in the Company’s Current Report on Form 8-K filed on September 23, 2019.
The extensions were
agreed to in connection with the declaration of a force majeure event effective May 2, 2020 by the Company under the EGP Agreements.
As a result of the global pandemic caused by COVID-19, and the associated travel advisories put in place by the U.S. government,
as well as the related restrictions imposed by the Chilean government, employees of the Company are unable to travel to Chile
to perform final testing and assembly of the PB3 PowerBuoy® prior to its deployment under the EGP Agreements. If the force
majeure event continues for more than 180 days, either party may terminate the contracts.
Copies
of the EGP Agreements are incorporated by reference into this Current Report on Form 8-K as Exhibits 10.1 and 10.2.
Item
9.01 Financial Statements and Exhibits.
*
Portions of this exhibit have been redacted in accordance with Item 601(b)(10) of Regulation S-K.
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 hereunto duly authorized.
Date:
May 4, 2020
|
|
|
|
|
OCEAN
POWER TECHNOLOGIES, INC.
|
|
|
|
/s/
George H. Kirby III
|
|
George
H. Kirby III
|
|
President
and Chief Executive Officer
|
Ocean Power Technologies (NASDAQ:OPTT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ocean Power Technologies (NASDAQ:OPTT)
Historical Stock Chart
From Apr 2023 to Apr 2024