Current Report Filing (8-k)
March 26 2020 - 5:10PM
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): March 20, 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
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(Commission
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(I.R.S.
Employer
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of
incorporation)
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File
Number)
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Identification
No.)
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28
Engelhard Drive, Suite B
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08831
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Monroe
Township, New Jersey
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(Zip
Code)
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(Address
of principal executive offices)
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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
8.01 Other Events.
On March 20, 2020, Ocean
Power Technologies, Inc. (“OPT”) was notified by its customer currently leasing a PB3 PowerBuoy®
in the Adriatic Sea that its plan with respect to the lease had changed. Under the existing contract, the lease
of the PB3 PowerBuoy® is to occur over two separate trial periods, each 18 months in duration. On
February 28, 2020, as previously disclosed by OPT, the contract was amended to exercise the option for a second trial
period – extending the term of the lease for an additional 18 months through November 2021. At the time, OPT planned
to relocate the PB3 PowerBuoy® to another location in the Adriatic Sea. On March 20, 2020, a decision was
made by the customer to continue the second trial period at the existing deployment site in the Adriatic Sea instead of relocating
the PB3 to another location. To effectuate their decision, the customer withdrew from specific sections of the contract,
as amended on February 28, 2020, associated with the relocation while leaving the remaining terms and conditions of the contract
itself in place for the second trial period. Also remaining in place is the customer’s option, at the end of the second
trial period, to purchase the PB3 or return the unit to OPT.
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 26, 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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