Ocean Power Technologies Announces Reverse Stock Split
Ocean Power Technologies will implement a 1-for-30 reverse split, leaving ownership percentages unchanged and outstanding common shares at about 9.1 million.
Rhea-AI Summary
Ocean Power Technologies (OPTT) has approved a 1-for-30 reverse stock split of its common stock, with split-adjusted trading on the NYSE American starting September 14, 2026.
Each 30 existing shares of common stock will be automatically combined into 1 share, with no fractional shares issued; holders otherwise entitled to a fraction will receive 1 whole share. The company expects approximately 9.1 million common shares to be issued and outstanding immediately after the split, and states that each stockholder’s pro-rata ownership percentage will remain unchanged. All outstanding warrants and other derivatives will automatically adjust per their terms. The new CUSIP for the common stock will be 674870 605.
The reverse split also mechanically adjusts the purchase price of the preferred stock purchase rights under the Section 382 Tax Benefits Preservation Plan from $2.25 to $67.50 per one one-thousandth share of Series A Participating Preferred Stock, without changing the fraction purchasable or the number of rights per common share, and without triggering any defined “Acquiring Person” or other triggering events under the plan.
Positive
- 1-for-30 reverse split expected to begin trading on a split-adjusted basis September 14, 2026
- Share count approximately 9.1 million common shares outstanding immediately after the reverse split
- No fractional share loss; holders entitled to fractions receive one whole share of common stock
- Pro-rata ownership for each stockholder stated to remain unchanged after the reverse split
- Rights plan economics adjusted from $2.25 to $67.50 per one-thousandth preferred share without triggering plan events
Negative
- 1-for-30 reverse stock split materially consolidates the number of common shares outstanding
News Explained
The reverse split changes the trading unit rather than ownership: 30 shares become one and the per-share price adjusts proportionally, while each shareholder’s percentage ownership remains unchanged.
Details
Market reaction after 1-for-30 reverse stock split: OPTT -11.31%
Following this news, OPTT has declined 11.31%, reflecting a significant negative market reaction. Our momentum scanner has triggered 4 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $0.14.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
- Reverse split ratio
- 1-for-30
- Common stock reverse split
- Split-adjusted trading date
- September 14, 2026
- NYSE American market open
- Post-split shares outstanding
- Approximately 9.1 million shares
- Immediately after the reverse split becomes effective
- Rights purchase price
- $67.50 per one one-thousandth of a share
- Adjusted from $2.25 under the Rights Plan
- Rights per common share
- 1 Right per share
- Unchanged after the reverse split
Key Terms
reverse stock split financial
cusip technical
pro-rata financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Shares Expected to Begin Trading on a Split-Adjusted Basis on September 14, 2026
MONROE TOWNSHIP, N.J., Sept. 10, 2026 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (“OPT” or the “Company”) (NYSE American: OPTT), a leader in maritime operational infrastructure and autonomous ocean systems, today announced a 1-for-30 reverse stock split (“Reverse Split”) of the Company’s common stock (“Common Stock”). The Common Stock will begin trading on a split-adjusted basis on the NYSE American commencing at the market open on September 14, 2026. The Reverse Split is being effected in order to increase the price per share of the Common Stock to, among other things, improve its marketability and liquidity. The new CUSIP number for the Common Stock following the Reverse Split will be 674870 605.
As a result of the Reverse Split, each 30 shares of the issued and outstanding Common Stock will be automatically combined and converted into one issued and outstanding share of Common Stock. No fractional shares will be issued as a result of the Reverse Split. Stockholders who otherwise would be entitled to a fractional share will automatically be entitled to receive one whole share of Common Stock for each such fractional share.
Each shareholder’s pro-rata percentage ownership will remain unchanged as a result of the Reverse Split and no further action is required by stockholders. All of the Company’s current outstanding warrants to purchase shares of Common Stock and other derivatives automatically adjust per their terms to reflect the Reverse Split. Immediately after the Reverse Split becomes effective, there will be approximately 9.1 million shares of Common Stock issued and outstanding.
In connection with the Reverse Stock Split, an automatic, mechanical, and proportional adjustment was made to the purchase price of the preferred stock purchase rights (the “Rights”) issued pursuant to the Company’s Amended and Restated Section 382 Tax Benefits Preservation Plan, dated as of June 29, 2026 (the “Plan”), by and between the Company and Computershare Trust Company, N.A., as rights agent, pursuant to Section 11(o) thereof.
Effective as of the effective time of the Reverse Stock Split, the initial purchase price of
Pursuant to Section 11(o) of the Plan, the fraction of a share of Preferred Stock purchasable upon exercise of each Right remains unchanged at one one-thousandth of a share, and the number of Rights associated with each outstanding share of Common Stock remains unchanged at one (1) Right per share.
The Reverse Stock Split did not cause any stockholder or any affiliate or associate thereof to become an “Acquiring Person” under the Plan. Nor did the Reverse Stock Split cause the occurrence of a “Distribution Time,” “Stock Acquisition Date,” or other “Triggering Event” under the Plan.
For further details, all stockholders are invited to review the Current Report on Form 8-K regarding the Reverse Stock Split which will be filed September 11, 2026.
For more information about Ocean Power Technologies, 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® unmanned surface vessels (USVs) 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 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 Company’s ability to have a successful Reverse Stock Split, 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
FAQ
When will Ocean Power Technologies’ reverse stock split take effect for trading?
The company states that its common stock will begin trading on a split-adjusted basis on the NYSE American at the market open on September 14, 2026.
What happens to existing warrants and other derivatives after the reverse stock split?
All of the company’s current outstanding warrants and other derivatives that are exercisable for common stock will automatically adjust per their terms to reflect the 1-for-30 reverse stock split.
What is the new CUSIP number for Ocean Power Technologies common stock after the split?
Following the reverse stock split, the common stock will trade under the new CUSIP number 674870 605.
How did the rights under the Section 382 Tax Benefits Preservation Plan change with the reverse split?
Effective at the time of the reverse split, the initial purchase price for the preferred stock purchase rights increased from $2.25 to $67.50 per one one-thousandth of a share of Series A Participating Preferred Stock. The fraction purchasable per right (one one-thousandth of a share) and the number of rights per common share (one right per share) remain unchanged, and the company reports that no “Acquiring Person” or other triggering events under the plan were created by the reverse split.
Where can stockholders find additional formal details on the reverse stock split?
The company indicates that stockholders are invited to review its Current Report on Form 8-K regarding the reverse stock split, which is expected to be filed on September 11, 2026.