Ocean Power Technologies Inc. filed SEC Form 8-K: Results of Operations and Financial Condition
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On September 19, 2024, Ocean Power Technologies, Inc. (the “Company”) entered into an amended and restated common stock purchase agreement with an institutional accredited investor, amending and restating the agreement previously entered into with that investor on September 13, 2024. The only change is to add a covenant affirming that the Company cannot issue in excess of 19.99% of the outstanding common stock as of the date agreement unless and until the Company receives the approval of its stockholders as required by the applicable rules and regulations of the NYSE American.
The foregoing description of the agreement is qualified in its entirety by reference to the text of the amended agreement, a copy of which is filed herewith as Exhibit 10.1 and incorporated by reference herein.
| Item 2.02. | Results of Operations and Financial Condition. |
On September 16, 2024, the Company issued a press release announcing its financial results for its fiscal first quarter ended July 31, 2024. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information set forth in Item 2.02 and in the attached Exhibit 99.1 shall be deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
| Item 9.01 | Financial Statements and Exhibits. |
| Exhibit Number | Description | |
| 10.1 | Amended and Restated Common Stock Purchase Agreement dated September 19, 2024. | |
| *99.1 | Press release dated September 16, 2024 regarding fiscal first quarter earnings. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
*Furnished herewith.
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: September 20, 2024
| OCEAN POWER TECHNOLOGIES, INC. | |
| /s/ Philipp Stratmann | |
| Philipp Stratmann | |
| President and Chief Executive Officer |