Ocean Power Technologies Reports Amendment to Common Stock Purchase Agreement

Ocean Power Technologies, a leading provider of marine power solutions, has recently filed an 8-K report with the Securities and Exchange Commission detailing significant updates. On October 28, 2024, the company announced that it had entered into an amendment to an amended and restated common stock purchase agreement with an institutional accredited investor.

This amendment specifies that the agreement will now expire on either December 31, 2024, or upon the investor’s completion of purchasing the expected shares outlined in the agreement. The specifics of the amendment can be found in the company’s Quarterly Report on Form 10-Q for the quarter that ended on October 31, 2024.

Furthermore, the 8-K report also highlighted significant events for Ocean Power Technologies. On October 28, 2024, the company issued a press release noting the completion of a milestone for the Naval Information Warfare Center Pacific’s Project Overmatch. Additionally, on October 31, 2024, the company announced follow-on product orders in Latin America, further expanding its presence in the region.

The company shared that it had delivered new unmanned surface vehicles, including a WAM-V 16 and a WAM-V 22, to survey customers in Latin America, showcasing its commitment to growth in the region. These deliveries support revenue recognition for the entire integrated system, including survey equipment. Ocean Power Technologies also secured a follow-on order for a WAM-V 8 from one of its customers in Latin America.

CEO and President of Ocean Power Technologies, Philipp Stratmann, expressed enthusiasm about these developments, emphasizing the company’s ability to deliver integrated systems and its path towards profitability. The company looks forward to further opportunities in Latin America, including engaging with customers in Mexico, Costa Rica, and Brazil.

For more information regarding Ocean Power Technologies and its services, interested individuals are encouraged to visit the company’s official website.

This press release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. It is advisable to refer to the Company’s most recent Forms 10-Q and 10-K for a detailed discussion of potential risks and uncertainties associated with these statements. The Company disclaims any obligation to update forward-looking statements after the release date.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Ocean Power Technologies’s 8K filing here.

About Ocean Power Technologies

Ocean Power Technologies, Inc develops and commercializes proprietary power platforms that generate electricity by harnessing the renewable energy of ocean waves in North America, South America, Australia, and Asia. It offers PB3 PowerBuoy that generates power for use independent of the power grid in offshore locations.