Ocean Power Technologies (OPTT) SEC Filings, Aug-Oct 2026

Ocean Power Technologies, Inc. registered 366,162 shares of common stock for resale by Columbia Power Technologies, Inc.; the shares were issued as consideration in an asset acquisition. Ocean Power Technologies will not receive proceeds from the selling stockholder’s sales. The company will bear other costs of the registration, offer and sale, while the selling stockholder pays underwriting fees, discounts, commissions and certain of its out-of-pocket expenses.

The acquired portfolio includes intellectual property and engineering work, including a subsea power capability designed to enable persistent underwater operations. On September 14, 2026, the company effected a 1-for-30 reverse stock split, and prospectus figures were retrospectively adjusted for it. The company states that recurring operating losses, negative cash flows, limited liquidity and an unwaived event of default under its convertible notes raise substantial doubt about its ability to continue as a going concern.

Ocean Power Technologies, Inc. exchanged its Series C-1 Convertible Notes for Series D Convertible Notes in an equivalent principal amount on September 25, 2026; the original notes were cancelled. The new notes lower the conversion price from $12.00 to $2.45 per share and add an alternative conversion price equal to 93% of the lowest common-stock VWAP during the seven trading days before conversion. Interest is 4.5% per annum, increasing to 13% upon and during an Event of Default.

Amortization payments otherwise due under the Series D Notes begin January 1, 2027. Conversions are limited by a 4.99% beneficial ownership cap, which may be changed up to 9.99%; conversion into shares exceeding 19.99% of the common shares outstanding as of the Exchange Agreement date is restricted until stockholder approval. The company also reduced the exercise price of its June 8, 2026 common warrants from $12.00 to $2.45. In a management interview, executives cited a $20 million backlog and a qualified pipeline over $150 million, and described Navy and Army Corps of Engineers evaluations of its uncrewed surface vehicles.

Ocean Power Technologies, Inc. (OPTT) announced a leadership transition and related executive agreements. Effective September 14, 2026, Dr. Philipp Stratmann stepped down as President, Chief Executive Officer and director, by mutual agreement, and his 2021 employment letter was terminated in connection with a severance arrangement.

Tracy Pagliara, previously Senior Vice President, General Counsel and Secretary, was appointed Acting President and Chief Executive Officer and director, and entered into a new employment agreement providing up to $400,000 base salary, incentive opportunities and 75,000 restricted stock units. Jason Weed was appointed Chief Operating Officer with a similar compensation framework and 50,000 restricted stock units. The Company states the new leadership structure is intended to enhance execution, backlog conversion and operational accountability while maintaining its maritime autonomy and Maritime Domain Awareness strategy.

Ocean Power Technologies, Inc. (OPTT) reported results for the quarter ended July 31, 2026 with total revenue of $1.7 million, up from $1.2 million a year earlier, driven by higher lease revenue. However, cost of revenues of $4.5 million produced a negative gross margin of $2.8 million.

Operating expenses rose to $12.2 million, including $2.7 million of product development costs and a $2.2 million charge for acquired in‑process R&D, leading to a net loss of $10.5 million versus $7.4 million last year. Operating activities used $10.2 million of cash, leaving $7.5 million in cash, cash equivalents and restricted cash. Management states that these losses and cash burn raise substantial doubt about the company’s ability to continue as a going concern.

The company completed an April 2026 convertible note financing (fair value $8.1 million at quarter‑end, effective interest about 20%) and a June 2026 equity and warrant offering providing $9.3 million net proceeds; a change in warrant fair value generated a $4.9 million non‑cash gain. On September 11, 2026 a 1‑for‑30 reverse stock split became effective, and on September 14, 2026 the board appointed an acting CEO following the prior CEO’s resignation.

Ocean Power Technologies, Inc. (OPTT) approved and implemented a 1-for-30 reverse stock split of its common stock. The split becomes effective at 5:00 p.m. Eastern Time on September 11, 2026, and the stock will begin trading on a split-adjusted basis on NYSE American on September 14, 2026, under new CUSIP 674870605.

Every 30 issued and outstanding common shares will be converted into one share, reducing issued and outstanding common shares from approximately 270.1 million to approximately 9.1 million, with no change to par value or authorized share count. Fractional entitlements will be rounded up to the next whole share, with no cash paid. Convertible securities, options, warrants, equity plan reserves, and the purchase price under the Section 382 Tax Benefits Preservation Plan are all proportionately adjusted so that economic and proportional ownership, including one preferred stock purchase right per common share, remain unchanged.

Ocean Power Technologies, Inc. (OPTT) has filed a Form S-1 for a primary offering of common stock paired with common warrants, with the option for certain investors to purchase pre-funded warrants instead of common shares, in a best efforts transaction with no minimum amount required to close.

The company’s common stock trades on NYSE American under “OPTT” and had 270,138,823 shares outstanding as of September 1, 2026, out of 400,000,000 authorized. Additional overhang includes stock options, restricted and performance stock units, and 25,000,000 shares issuable upon exercise of outstanding warrants, all of which may add further dilution over time.

Net proceeds are expected to be used primarily for working capital and general corporate purposes, and up to 30% of the net proceeds from this and other capital raises may, at the option of the holders, be applied to repay outstanding Series C-1 Senior Convertible Notes bearing 4.5% interest and maturing October 1, 2027. The company’s most recent audited financial statements carry an auditor’s explanatory paragraph highlighting substantial doubt about its ability to continue as a going concern.

Ocean Power Technologies, Inc. (OPTT) has filed a resale registration for 10,984,848 shares of common stock, all held by a selling stockholder that received these shares as stock consideration in an asset acquisition in June 2026. OPTT will not receive any proceeds from the sale of these shares.

The registered shares were issued to Columbia Power Technologies, Inc. under a July 22, 2026 asset purchase agreement, and represent about 4.0% of OPTT’s 270,138,823 shares outstanding as of August 20, 2026. The selling stockholder may sell from time to time in public or private transactions at market or negotiated prices.

OPTT is a Maritime Domain Awareness company providing intelligent maritime solutions such as PowerBuoy®, WAM-V® autonomous vessels and the Merrows™ command-and-control system, with a model focused on recurring service revenues. The company highlights significant business and financial risks, including a history of operating losses, going-concern uncertainty and dependence on additional funding, and has adopted a Section 382 tax benefits preservation plan with a 4.99% ownership trigger to protect net operating loss carryforwards.

Ocean Power Technologies, Inc. (OPTT) reported revised audited results for the fiscal year ended April 30, 2026 and disclosed that its auditor’s opinion includes a going concern qualification. After additional audit work, revenue was reduced by $0.4 million to $3.7 million, while gross loss improved by $2.2 million to $5.9 million and operating loss decreased by $1.5 million.

Despite these refinements, net loss for fiscal 2026 increased by $5.2 million to $48.9 million, and the prior-year net loss was also increased by about $3.0 million due to the treatment of a financial instrument. The company emphasized the revisions stem solely from accounting treatment changes and do not affect cash, cash flows, or customer contract terms. At April 30, 2026, OPTT had $8.9 million in cash and cash equivalents, total assets of $39.9 million, total liabilities of $27.4 million, and shareholders’ equity of $12.5 million.

Ocean Power Technologies, Inc. (OPTT) reported that on August 14, 2026 it received a notice from NYSE Regulation that it was not in compliance with NYSE American continued listing standards because it did not file its Annual Report on Form 10-K for the year ended April 30, 2026 by the extended due date of August 13, 2026.

The company had an Initial Cure Period until February 13, 2027 to submit the Form 10-K, with a possible Additional Cure Period at the Exchange’s discretion, and its stock traded with a late filer “.LF” indicator. On August 19, 2026, Ocean Power Technologies filed the Form 10-K with the SEC, curing the filing delinquency and regaining compliance, and its common stock will no longer trade with the late filer indicator.