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Paragon Technologies, Inc. expresses disappointment in Ocean Power Technologies, Inc.'s preference for institutional investors over individual shareholders.
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Ocean Power Technologies, Inc. (OPTT) will report its fiscal 2024 third quarter results on March 13, 2024. The conference call to discuss financial results will be on March 14, 2024, with CEO Philipp Stratmann, CFO Bob Powers, and Controller Joseph Dipietro hosting. OPT is focusing on increasing relations with institutional investors through individual meetings.
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3.57%
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Paragon Technologies, Inc. calls on Ocean Power Technologies, Inc. CEO to provide transparency on recent order and funding announcements. OPT's financial data shows growing expenses and losses despite minimal revenue growth.
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Ocean Power Technologies (OPTT) partners with Naval Postgraduate School for a year-long deployment of a PowerBuoy® integrating cutting-edge technologies like AT&T 5G to showcase persistent surveillance and communication capabilities at sea.
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Ocean Power Technologies, Inc. (NYSE American: OPTT) has received over $1.25 million in orders for its WAM-V Unmanned Surface Vehicles, showcasing the increasing demand for its advanced marine technologies in various applications. The company's commitment to innovation and sustainability has solidified its position as a leading provider in the industry.
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6.06%
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Paragon Technologies, Inc. issues a statement to Ocean Power Technologies, Inc. shareholders regarding the postponement of its annual meeting and the company's failure to obtain a quorum. Paragon's investigation raises concerns about SEC rule violations. Paragon Chairman and CEO Sham Gad criticizes OPT's financial performance and board actions, highlighting a 90% decline in shareholder value since the appointment of the current CEO. He accuses the board of self-serving behavior and neglecting shareholder interests. Paragon urges shareholders to reject OPT's directors and executives, alleging entrenchment and misleading statements.
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Ocean Power Technologies, Inc. (NYSE American: OPTT) announced that the 2023 Annual Meeting of Shareholders was reconvened and adjourned due to the failure to reach the required quorum. Paragon Technologies, Inc. prevented its shares from being counted, forcing the company to incur additional costs and divert attention from enhancing shareholder value. The meeting will reconvene on February 28, 2024, and shareholders are urged to vote on the WHITE proxy card.
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Paragon Technologies, Inc. advises Ocean Power Technologies, Inc. (OPT) shareholders to disregard any communication from OPT soliciting their votes, as the company's Board postponed their annual meeting due to lack of shareholder support. Paragon, a diversified holding company, owns approximately 4.8% of OPT's outstanding shares.
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Paragon Technologies, Inc. issues a statement to Ocean Power Technologies, Inc. shareholders regarding the postponement of OPT's annual meeting due to the company's inability to obtain a quorum. The statement reflects shareholder disapproval of OPT's financial results and board actions. Paragon's books and records litigation against OPT has been confirmed by a judge, allowing Paragon to review materials relating to OPT's decision to adopt a poison pill and bylaw changes. The OPT board's decisions have had a significant cost on the company, leading to concerns about entrenchment and shareholder value. Shareholders are urged to revote the BLUE proxy instead of the white proxy to support change at the board level and change the direction of OPT's share price.
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Ocean Power Technologies, Inc. (NYSE American: OPTT) announced the adjournment of its 2023 Annual Meeting of Shareholders due to the failure to reach quorum, caused by Paragon Technologies, Inc. OPT will continue to seek votes for its six director nominees, and leading independent proxy advisory firms recommend voting for OPT's board nominees. The 2023 Annual Meeting will reconvene on February 8, 2024, in virtual format. Shareholders are urged to vote 'FOR' all of OPT's proposals on the WHITE proxy card.
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Ocean Power Technologies, Inc.
OTC:OPTT
OPTT Rankings
OPTT Stock Data
11.30M
55.15M
7.09%
6.85%
4.9%
Industrial and Commercial Fan and Blower and Air Purification Equipment Manufacturing
Manufacturing
United States of America
MONROE TOWNSHIP
About OPTT
ocean power technologies (nasdaq:optt) is a pioneer in renewable wave-energy technology that converts ocean wave energy into electricity. opt specializes in advanced autonomous (not grid connected), cost-effective, and environmentally sound ocean wave based power generation and management technology. the powerbuoy system integrates patented technologies in hydrodynamics, electronics, energy conversion, and computer control systems to extract the natural energy in ocean waves. the result is a leading edge, ocean-tested, proprietary autonomous system that turns wave power into reliable, clean, and environmentally beneficial electricity for offshore applications. wave power is abundant in all areas of the world and its harnessing offers a dependable clean source of renewable and cost effective energy. opt’s powerbuoy converts such energy to provide persistent and reliable power generation for marine applications. current solutions for applications that require persistent, long-term operat