8-K - Ocean Power Technologies, Inc. | StockGist

AI Analysis

AI-generated analysis. Always verify with the original filing.

Ocean Power Technologies entered into a securities purchase agreement on April 1, 2026 to issue $10 million in convertible senior notes to institutional investors.

Key Takeaways

1Convertible notes carry a 4.5% annual interest rate, rising to 13% during events of default.

2Notes mature 18 months post-issuance at a 13% premium to their face value.

3Conversion price is set at $0.40 per common share, subject to standard adjustments.

4Note conversion is capped at 4.99% beneficial ownership of outstanding common stock.

5The offering uses the company's effective shelf registration statement (File No. 333-275843).

Current Report Details

Event Type

Material Agreement

Financing

Exhibits Only

Disclosure

Mandatory

Variant

8-K

Items Reported

1.01

Entry into a Material Definitive Agreement.** On April 1, 2026, Ocean Power Technologies, Inc. (the “Company”) entered into a securities purchase agreement (the

Material Agreement

$10.0M

Source Document

2.03

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.** The information set forth under Item 1.01 o

Financing

9.01

Financial Statements and Exhibits.** | Exhibit No. | | Description | |---|---|---| | 5.1* | | Opinion of Porter Hedges LLP. | | 10.1* | | Securities Purchase Ag

Exhibits Only

Transaction Details

Material Agreement

Agreement: Securities Purchase Agreement
Parties: Ocean Power Technologies, Inc., certain institutional investors

•Company will issue and sell $10,000,000 aggregate principal amount of convertible notes
•Agreement includes customary representations, warranties and covenants
•Offering is conducted under effective Form S-3 shelf registration statement (File No. 333-275843)

Debt / Financing

Instrument: Senior Convertible Notes
Principal: 10000000
Rate: 4.5% per annum, 13% per annum during event of default
Maturity: 18-month anniversary of note issuance date

Exhibits (4)

10.1

EX-10.1

10.2

EX-10.2

5.1

EX-5.1

8-K