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): January 17, 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) |
|
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|
☒ |
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
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☐ |
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14-2(b)) |
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|
☐ |
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CRF 240.133-4(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 (17 CFR 230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
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.☐
On
January 17, 2024, Ocean Power Technologies, Inc. (the “Company”) issued a press release announcing the completion of several
previously announced milestones and initiatives that it believes will enhance shareholder value and further its plans to achieve profitability
in calendar year 2025. A copy of the press release is filed as Exhibit 99.1 to this report and is incorporated herein by reference.
Item
9.01 | Financial
Statements and 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 hereunto duly authorized.
Date:
January 17, 2024
|
OCEAN
POWER TECHNOLOGIES, INC. |
|
|
|
/s/
Philipp Stratmann |
|
Philipp
Stratmann |
|
President
and Chief Executive Officer |
Exhibit
99.1
Ocean
Power Technologies Announces Progress on Shift to Commercialization and Expects to Achieve Profitability in Calendar Year 2025
Company
is Well-Positioned to Drive Shareholder Value Creation in Post-R&D Phase, With Fully Commercialized Solutions and Robust Pipeline
MONROE
TOWNSHIP, N.J., Jan. 17, 2024 – Ocean Power Technologies, Inc. (“OPT” or the “Company”) (NYSE American:
OPTT), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced it has completed
several previously announced milestones and initiatives – including reallocation of headcount towards commercialization –
that it believes will enhance shareholder value.
OPT
now has fully commercialized customer solutions, a robust pipeline, and several recent commercial wins. The Company now expects to achieve
profitability in calendar year 2025.
OPT
CEO and President Dr. Philipp Stratmann commented: “Now that OPT’s research and development phase has been substantially
completed, we have reallocated headcount towards execution and commercialization and are fully focused on this next phase of the Company’s
evolution. As we have consistently stated, we are seeing meaningful progress in orders, pipeline, and backlog across our business. Despite
current economic headwinds, we have built a cutting-edge suite of products that we believe will be the basis for our current and future
commercial success and that will help drive profitability in calendar year 2025. We are fully committed to executing our strategy to
generate value for all shareholders.”
As
part of the Company’s transition, OPT has divested its strategic consulting team so that it can more fully focus its efforts and
resources on commercialization – particularly for the national security and defense markets. In addition to the divesture, the
Company also announced that recent achievements in R&D, such as the WAM-V charging demonstration and the Mass-On-Spring-Wave-Energy-Converter
(MOSWEC) developments, have enabled additional reallocation of headcount and a material reduction in third-party expenditure. As a result,
more than 50% of OPT’s employees are now dedicated to customer delivery.
OPT
expects that recent meaningful contract wins, the growth in OPT’s commercial pipeline, the cessation of material R&D efforts,
and the corresponding savings from the divestiture of its consulting team and reduction of its engineering team will enable it to reach
profitability during calendar year 2025 using current capital resources.
For
more information from Ocean Power Technologies, please visit the following link where a new Investor Relations presentation has been
published:
OPT
Investor Relations Presentation
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
press release contains forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements in this release include, but are not limited to, those statements relating to OPT’s
future operating and financial performance, the impact of the completion by OPT of various milestones and initiatives – including
the reallocation of headcount towards commercialization – on the enhancement of stockholder value and OPT’s future operating
and financial performance, OPT’s expectation that it will reach profitability during calendar year 2025 using current capital resources
the growth in OPT’s opportunity pipeline and backlog, OPT’s ability to monetize such opportunities and backlog into actual
revenue, and the impact on OPT of expanding its executive leadership team, OPT’s ability to drive the next phase of its growth
and the commercialization of its products, the current and future commercial viability and success of OPT’s suite of products and
their ability to drive OPT’s profitability during calendar year 2025, OPT’s belief that it is well-positioned to drive shareholder
value creation, OPT’s ability to execute on its strategy and create value for its stockholders, the expenses that OPT will incur
to respond to the actions of Paragon Technologies, Inc., including, but not limited to, the litigation Paragon has brought against OPT
in the Delaware Court of Chancery, OPT’s ability to finance its operations without seeking additional capital from financing sources,
the impact on OPT of recent contract wins, , the growth in OPT’s commercial pipeline, the cessation of OPT’s material R&D
efforts, the divestiture of OPT’s strategic consulting team and the projected savings therefrom, and the projected savings from
the reduction of OPT’s engineering team, other statements relating to OPT’s future economic and operating performance, plans,
or objectives, and all other statements contained in this press release that are not historical facts. Other 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 OPT’s current expectations about its future performance, plans, and objectives. By their nature,
forward-looking statements rely on a number of assumptions and estimates that could be inaccurate and involve risks and uncertainties
that could cause actual results to materially differ from those anticipated or expressed in any forward-looking statement. These estimates
and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe such estimates
and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control,
including, without limitation risks related to our ability to execute on our strategy, drive growth, and create value for our stockholders;
our ability to develop, market, and commercialize our products; our ability to monetize our opportunity pipeline; our ability to achieve
and, thereafter, sustain profitability; our ability to win government contracts, including in the defense and security sectors; the possibility
that we may not be able to obtain the necessary facility and personnel clearances to qualify for certain government contracts, including
in the defense and security sectors; our ability to continue the development of our proprietary technologies; our expected continued
use of cash from operating activities unless or until we achieve positive cash flow from the commercialization of our products and services;
our ability to obtain additional funding, as and if needed; our history of operating losses, which we expect to continue for at least
the short term and possibly longer; our ability to control our expenses; our ability to attract and retain qualified personnel, including
executive management; our ability to manage and mitigate risks associated with our internal cyber security protocols and protection of
the data we collect and distribute; our ability to protect our intellectual property portfolio; the impact of inflation related to the
U.S. dollar on our business, operations, customers, suppliers and manufacturers, and personnel; our ability to meet product development,
manufacturing and customer delivery deadlines; our ability to identify and penetrate markets for our products, services, and solutions;
and the risks related to the actions of Paragon Technologies, Inc. against OPT and the related litigation brought against OPT in the
Delaware Court of Chancery, including the amount of related costs incurred by OPT and the disruption caused to OPT’s business activities
by these actions.
Many
of these factors are beyond our ability to control or predict. These factors are not intended to represent a complete list of the general
or specific factors that may affect us. Additional factors are described in OPT’s Form 10-K, Form 10-Q, and Form 8-K reports (including
all amendments to those reports). Any forward-looking statements speak only as of the date on which such statements are made, and OPT
undertakes no obligation or intent to update such forward-looking statements to reflect events or circumstances arising after such date.
OPT cautions investors not to place undue reliance on any such forward-looking statements. These cautionary statements qualify all forward-looking
statements attributable to us or persons acting on our behalf.
Important
Additional Information And Where To Find It
OPT
has filed with the SEC a revised definitive proxy statement on Schedule 14A on December 4, 2023, including a form of WHITE
proxy card, and other relevant documents with respect to its solicitation of proxies for OPT’s 2023 Annual Meeting of Stockholders
scheduled to be held on January 31, 2024 (the “2023 Annual Meeting”). INVESTORS AND SECURITY HOLDERS ARE URGED TO READ
THE REVISED DEFINITIVE PROXY STATEMENT (INCLUDING THE SUPPLEMENT THERETO FILED WITH THE SEC ON JANUARY 3, 2024 AND ANY OTHER AMENDMENTS
OR SUPPLEMENTS TO OPT’S REVISED DEFINITIVE PROXY STATEMENT) FILED BY OPT AND ANY OTHER RELEVANT DOCUMENTS THAT OPT FILES WITH THE
SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT OPT’S SOLICITATION. Investors
and security holders may obtain copies of these documents and other documents filed with the SEC by OPT free of charge through the website
maintained by the SEC at www.sec.gov. Copies of the documents filed by OPT are also available free of charge by accessing OPT’s
corporate website at www.oceanpowertechnologies.com, by writing to OPT’s Corporate Secretary at Ocean Power Technologies, Inc.,
28 Engelhard Drive, Suite B, Monroe Township, NJ 08831, or by contacting OPT at (609) 730-0400.
Certain
Participant Information
OPT,
its directors, and executive officers may be deemed to be participants in the solicitation of proxies with respect to a solicitation
by OPT in connection with matters to be considered at OPT’s 2023 Annual Meeting. Information about OPT’s executive officers
and directors, including information regarding the direct and indirect interests, by security holdings or otherwise, is available in
OPT’s revised definitive proxy statement for the 2023 Annual Meeting (including the schedules and appendices thereto), which was
filed with the SEC on December 4, 2023. To the extent holdings of OPT securities reported in the revised definitive proxy statement
for the 2023 Annual Meeting have changed or subsequently change, such changes have been or will be reflected on Statements of Change
in Ownership on Forms 3, 4, or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website
at www.sec.gov.
Contact
Information
Investors:
609-730-0400 x401 or InvestorRelations@oceanpowertech.com
Media:
609-730-0400 x402 or MediaRelations@oceanpowertech.com
Ocean Power Technologies (AMEX:OPTT)
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