Ocean Power Technologies Issues Stockholder Vote and Meeting Reminder
August 02 2024 - 5:00PM
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 reminds stockholders that a Special Meeting of the
Stockholders of OPT will be held at 9 a.m. Eastern time on August
30, 2024, in virtual format only at
www.cesonlineservices.com/optt24_vm, for the purpose of voting on
proposals to (i) approve an amendment to OPT’s Certificate of
Incorporation to increase the number of authorized shares of common
stock, par value $.001 per share, from 100,000,000 to 200,000,000,
and (ii) approve an adjournment of the Special Meeting from time to
time, if necessary or appropriate (as determined in good faith by
the Board or a committee thereof), to solicit additional proxies if
there are not sufficient votes in favor of the charter amendment
proposal.
OPT desires to authorize additional shares of
common stock to ensure that enough shares will be available in the
event the Board of Directors determines that it is necessary or
appropriate to (i) raise additional capital through the sale of
equity securities to fund capital investments and international
expansion to continue to grow our business, consistent with our
strategic plan, (ii) acquire another company or its assets, (iii)
provide equity incentives to employees and officers, (iv) permit
future stock splits in the form of stock dividends or (v) satisfy
other corporate purposes. The availability of additional shares of
common stock is particularly important in the event that the Board
of Directors needs to undertake any of the foregoing actions on an
expedited basis and thus to avoid the time and expense of seeking
stockholder approval in connection with the contemplated issuance
of common stock.
THE BOARD RECOMMENDS A VOTE “FOR”
AUTHORIZING THE BOARD TO AMEND THE CERTIFICATE OF INCORPORATION TO
INCREASE THE NUMBER OF AUTHORIZED SHARES OF COMMON STOCK AND THE
ADJOURNMENT PROPOSAL. YOUR VOTE IS IMPORTANT - NO
MATTER HOW MANY SHARES YOU OWN, PLEASE VOTE YOUR SHARES FOR THE
PROPOSALS.
OPT stockholders with any questions or requiring
assistance in voting their proxy card may contact Sodali & Co.,
OPT’s proxy solicitation firm, at:
Sodali & Co.509 Madison Avenue Suite 1206New York, NY
10022Stockholders Call Toll Free: (800) 662-5200Banks, Brokers,
Trustees, and Other Nominees Call Collect: (203) 658-9400Email:
OPTT@investor.sodali.com
For more information about Ocean Power Technologies and its
innovative solutions, please visit
www.oceanpowertechnologies.com.FORM 10-K - GOING
CONCERN
The Company also announces that, as previously disclosed in its
Annual Report on Form 10-K for the year ended April 30, 2024, which
was filed with the SEC on July 25, 2024, the audited financial
statements contained an unqualified audit opinion from its
independent registered public accounting firm that included an
explanatory paragraph related to the Company’s ability to continue
as a going concern. This announcement is made pursuant to NYSE
American Company Guide Section 610(b), which requires public
announcement of the receipt of an audit opinion containing a going
concern paragraph. This announcement does not represent any change
or amendment to the Company’s financial statements or to its Annual
Report on Form 10-K for the year ended April 30, 2024.
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 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
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