Current Report Filing (8-k)
June 08 2023 - 4:16PM
Edgar (US Regulatory)
0001378140
false
0001378140
2023-06-02
2023-06-02
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xbrli:shares
iso4217:USD
xbrli:shares
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 2, 2023
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 |
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
1.02 Termination of a Material Definitive Agreement.
Effective
June 2, 2023, Ocean Power Technologies, Inc. (the “Company”) terminated its At the Market Offering Agreement with A.G.P/Alliance
Global Partners (“AGP”) dated November 20, 2020 (the “AGP Agreement”). Under the AGP Agreement, the Company had
sold and issued an aggregate of 17,179,883 shares of its common stock with an aggregate market value of $50.0 million at an average price
of $2.91 per share and paid AGP a sales commission of approximately $1.6 million related to those shares. There were no penalties associated
with the termination.
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 8, 2023 |
/s/
Philipp Stratmann |
|
Philipp
Stratmann |
|
President
and Chief Executive Officer |
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