OPTT Ocean Power Technologies Inc

 

 

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): September 3, 2024

 

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
Series A Preferred Stock Purchase Rights		N/A		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 8.01

Other Events.

 

On September 3, 2024, Ocean Power Technologies, Inc. (the “Company”) issued a press release announcing the signing of an additional contract with the Naval Postgraduate School. A copy of the press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference.

 

Item 9.01

Financial Statements and Exhibits.

 

Exhibits

 

99.1		Press release dated September 3, 2024.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

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: September 4, 2024	/s/ Philipp Stratmann
	Philipp Stratmann
	President and Chief Executive Officer

 

 

Exhibit 99.1

 

 

Ocean Power Technologies Receives Further Contract for PowerBuoy^® Deployment with Naval Postgraduate School

 

MONROE TOWNSHIP, NJ, September 3rd, 2024 - 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 announced that it has received a further contract by the Naval Postgraduate School (NPS) in Monterey, California. This contract, which supports revenue generation in the near-term, adds to the deployment of OPT’s PowerBuoy^® as part of an ongoing initiative to enhance maritime domain awareness and connectivity in Monterey Bay and demonstrate the use of PowerBuoys^® for multi-domain drone and communication integration.

 

Building on the success of the previously announced NPS contract, which included installing AT&T 5G technology on a PowerBuoy^®, this new order focuses on integrating advanced subsea sensors into a PowerBuoy^® equipped with OPT’s latest Merrows™ suite for AI capable seamless integration of Maritime Domain Awareness (MDA) across platforms and utilizing communication technologies from AT&T for NPS. The PowerBuoy^® will provide continuous, autonomous monitoring and data collection capabilities in one of the world’s most strategically significant maritime environments.

 

This deployment will contribute to NPS’s series of Field Experimentation exercises, designed to test and refine technologies that improve situational awareness and operational efficiency for naval operations. The PowerBuoy^® will play a critical role in these exercises, offering a robust, resilient platform that supports persistent surveillance and secure communications in maritime settings. Permits pending, the integrated system will be deployed in the late Fall.

 

“Receiving this contract from NPS underscores the growing recognition of our PowerBuoy^® technology as a vital tool for enhancing maritime security and operational capability above and below the surface,” said Philipp Stratmann, CEO of Ocean Power Technologies. “This collaboration with NPS not only builds on our previous successes but also pushes the boundaries of what autonomous maritime technology can achieve. We are proud to continue supporting the Joint Force’s efforts to advance MDA and secure communication networks. The results from this deployment will also further demonstrate the ability to deploy PowerBuoy’s^® as 5G communication nodes across the coastline of the United States.”

 

The contract represents a significant milestone in OPT’s expanding partnership with the U.S. warfighter community and reinforces the Company’s commitment to delivering innovative solutions that meet the evolving demands of maritime security, safety, and environmental monitoring.

 

 

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, including Merrows™, which provides AI capable seamless integration of Maritime Domain Awareness Systems across platforms. 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, with an additional office in Richmond, California. To learn more about OPT’s groundbreaking marine solutions, 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 continuing success with NPS, the delivery of customer services, 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

 

v3.24.2.u1

Cover	Sep. 03, 2024
Document Type	8-K
Amendment Flag	false
Document Period End Date	Sep. 03, 2024
Entity File Number	001-33417
Entity Registrant Name	Ocean Power Technologies, Inc.
Entity Central Index Key	0001378140
Entity Tax Identification Number	22-2535818
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	28 Engelhard Drive
Entity Address, City or Town	Suite B Monroe Township
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08831
City Area Code	(609)
Local Phone Number	730-0400
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock, $0.001 Par Value
Title of 12(b) Security	Common Stock, $0.001 Par Value
Trading Symbol	OPTT
Security Exchange Name	NYSEAMER
Series A Preferred Stock Purchase Rights
Title of 12(b) Security	Series A Preferred Stock Purchase Rights
Trading Symbol	N/A
Security Exchange Name	NYSEAMER

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