Current Report Filing (8-k)
March 05 2020 - 4:31PM
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): February 28, 2020
Ocean
Power Technologies, Inc.
(Exact
name of registrant as specified in its charter)
Delaware
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001-33417
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22-2535818
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(I.R.S.
Employer
Identification
No.)
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28 Engelhard Drive, Suite
B
Monroe Township, New Jersey
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08831
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(Address of principal executive offices)
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(Zip Code)
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(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):
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[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class
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Trading
Symbol(s)
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Name
of each exchange on which registered
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Common
Stock
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OPTT
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Nasdaq
Capital Market
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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
1.01 Entry into a Material Definitive Agreement.
Effective
February 28, 2020, Ocean Power Technologies, Inc. (the “Company”) entered into an amendment (the “Amendment”)
to its contract with eni SpA (“ENI”) for the lease of a PB3 PowerBuoy™ dated March 14, 2018. The Amendment was
entered into in connection with ENI’s election to exercise their option for a second trial period which extends the term
of the lease for an additional 18 months through November 2021. After the end of the second trial period, ENI has the option to
purchase the unit or return the unit to the Company. If ENI elects to purchase the unit, the parties have agreed to negotiate
in good faith a purchase and sale agreement. The Company has also agreed to assist ENI in redeployment of the unit and provide
certain power related equipment, in addition to related data collection and assessment of performance.
The
foregoing description of the Amendment is qualified in its entirety by reference to the text of the Amendment, a copy of which
the Company plans to file as an exhibit to its Quarterly Report on Form 10-Q for the quarter ended January 31, 2020.
Item
3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On
March 3, 2020, the Company received a notification from the Nasdaq Stock Market (the “Nasdaq”) indicating that the
minimum bid price of the Company’s common stock has been below $1.00 per share for 30 consecutive business days and as a
result, the Company is not in compliance with the minimum bid price requirement for continued listing. The Nasdaq notice has no
immediate effect on the listing or trading of the Company’s common stock.
Under
the Nasdaq Listing Rules, the Company has a grace period of 180 calendar days, or until August 31, 2020, in which to regain compliance
with the minimum bid price rule. To regain compliance, the closing bid price of the Company’s common stock must meet or
exceed $1.00 per share for a minimum of ten consecutive business days during this grace period.
If
the Company does not regain compliance before August 31, 2020, the Nasdaq stated that it will provide the Company with written
notice that its securities are subject to delisting. At that time, the Company may appeal the Nasdaq’s determination to
a Nasdaq Listing Qualifications Panel, which would stay any further delisting action by the Nasdaq pending a final decision by
the panel. Alternatively, the Company may be eligible for an additional 180 calendar day grace period if it meets the continued
listing standards, with the exception of bid price, for the Nasdaq Capital Market, and the Company states its intent to effect
a reverse split, if necessary, to cure such deficiency.
The
Company actively monitors the price of its common stock and will consider all available options to regain compliance with the
continued listing standards of the Nasdaq.
Item
8.01 Other Events.
On
March 3, 2020, the Company issued a press release announcing the execution of the Amendment. A copy of the press release is filed
herewith as Exhibit 99.1.
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.
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OCEAN
POWER TECHNOLOGIES, INC.
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Dated:
March 5, 2020
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/s/
George H. Kirby III
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George
H. Kirby III
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President
and Chief Executive Officer
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