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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 9, 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
(Address of principal executive offices) |
|
08831
(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 9, 2024, Ocean Power Technologies, Inc. (the “Company”) issued a press release announcing the completion of the
build of a new unmanned surface vehicle for delivery to a survey customer in Latin America. A copy of the press release is attached hereto
as Exhibit 99.1 and is hereby incorporated by reference.
On
September 10, 2024, the Company issued a press release announcing that it has readied for shipment its previously announced AI capable
Merrows™ PowerBuoy® for a customer in the Middle East. A copy of the press release is attached hereto as Exhibit 99.2 and is
hereby incorporated by reference.
On
September 12, 2024, the Company issued a press release announcing an award of a contract with the Naval Information Warfare Center. A
copy of the press release is attached hereto as Exhibit 99.3 and is hereby incorporated by reference.
Item
9.01 Financial Statements and Exhibits.
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.
|
|
Ocean
Power Technologies, Inc. |
|
|
|
Dated:
|
September
12, 2024 |
/s/
Philipp Stratmann |
|
|
Philipp
Stratmann |
|
|
President
and Chief Executive Officer |
Exhibit
99.1
Ocean
Power Technologies Completes New WAM-V for Immediate Delivery to Latin America
Contractual
Milestone Triggers Over $0.3M Revenue Recognition
MONROE
TOWNSHIP, NJ, September 9, 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 it has achieved a
major contractual milestone and completed the build of a new unmanned surface vehicle for delivery to a survey customer in Latin America.
This delivery is part of the Company’s previously announced expansion into the region, working with end customers and resellers.
This milestone triggers revenue recognition of the fully integrated system, including survey equipment.
Philipp
Stratmann, CEO and President of OPT, expressed his enthusiasm about this milestone, stating, “We believe that the delivery of this
vehicle is testament to the execution ability of our team and our ability to deliver fully integrated systems, including survey equipment
from our OEM partners. We continue to convert pipeline to backlog to revenues to payments. We look forward to future deliveries and additional
opportunities to deploy our assets in Latin America.”
For
additional information about OPT and its services, please visit our website Ocean Power Technologies.
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 in Latin America, 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
Exhibit
99.2
Ocean
Power Technologies Completes AI capable Merrows™ PowerBuoy® for Delivery to the Middle East
Contractual
Milestone Triggers Revenue Recognition
MONROE
TOWNSHIP, NJ, September 10, 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 it has completed
a major contractual milestone and has readied for shipment the previously announced AI capable Merrows™ PowerBuoy® for a customer
in the Middle East. This milestone triggers the next phase of revenue recognition of the fully integrated system. Once delivered to the
customer, the AI capable Merrows™ PowerBuoy® will be deployed and final revenue recognition will occur.
Philipp
Stratmann, CEO and President of OPT, expressed his enthusiasm about this milestone, stating, “ We believe this shipment for a solar
and wind powered system highlights our ability to service almost all marine environments across the globe. As we continue to scale, our
team is working tirelessly to convert pipeline to backlog to revenues, delivering for our customers worldwide and enabling them to effectively
provide ocean security. We look forward to future deliveries and additional opportunities to continue our expansion in the Middle East.”
For
additional information about OPT, please visit our website Ocean Power Technologies.
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 products, services and 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 successful operations of the AI capable Merrows™ PowerBuoy®, success in
the Middle East, 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
Exhibit
99.3
Ocean
Power Technologies Awarded $1M Contract for Naval Information Warfare Center Pacific’s Project Overmatch’ Mission Autonomy
Proving Grounds
OPT
Showcases Multi-system Deployment of Autonomous Maritime Technologies, Secures Key U.S. Navy Contract
MONROE
TOWNSHIP, NJ, September 12, 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 been awarded
a follow-on contract valued at $1M as a subcontractor to EpiSci after the successful 12 month demonstration of its autonomous surface
vehicle technologies during the Mission Autonomy Proving Grounds (MAPG) as part of Project Overmatch.
With
this award, OPT will continue to ruggedize and enhance its operational capability of its autonomous maritime technologies to support
the U.S. military and its allies. This should enable a system of systems (SoS) commercial off-the-shelf offering that will penetrate
the maritime environment with scalable and attritable, full spectrum, unmanned solutions. The first set of exercises have already been
concluded, leading to immediate revenue recognition.
Philipp
Stratmann, CEO of Ocean Power Technologies, commented, “We are thrilled to have been awarded this contract, which is a testament
to the strength and innovation of our technology. We believe our participation in Project Overmatch has been a pivotal step in demonstrating
how our solutions can significantly enhance the operational capabilities of the U.S. Navy.”
For
additional details on Ocean Power Technologies and their involvement in Project Overmatch, please visit www.oceanpowertechnologies.com.
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 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 potential continuing success with our partner, EpiSci, in connection with MAPG, 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
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Grafico Azioni Ocean Power Technologies (AMEX:OPTT)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Ocean Power Technologies (AMEX:OPTT)
Storico
Da Dic 2023 a Dic 2024