Ocean Power Technologies Announces Adjournment of Annual Meeting of Stockholders

Rhea-AI Summary

On December 14, 2022, Ocean Power Technologies (NYSE American: OPTT) convened its 2022 Annual Meeting of Stockholders but adjourned due to lack of quorum, resulting in no business being conducted. The meeting will reconvene on January 13, 2023, at 10:00 AM EST, with the Company continuing to solicit shareholder votes on proposals outlined in the Proxy Statement filed on October 19, 2022. Shareholders are urged to vote by January 12, 2023, to avoid incurring further expenses related to the postponement.

Positive

• The Company has received strong shareholder support for proposals in the Proxy Statement.

Negative

• The Annual Meeting was adjourned due to a lack of quorum, delaying important corporate governance actions.
• Continued expenses are expected due to the postponement of the meeting.

MONROE TOWNSHIP, N.J., Dec. 14, 2022 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE American: OPTT), a leader in innovative and cost-effective low-carbon marine data, power, and consulting service solutions, today announced that the Company’s 2022 Annual Meeting of Stockholders (the “Annual Meeting”) was convened on December 14, 2022 at 9:00 AM EST and adjourned, without any business being conducted, due to lack of the required quorum.

The Annual Meeting was adjourned to allow additional time for the Company’s stockholders to vote on the proposals set forth in the Company’s definitive proxy statement filed with the U.S. Securities and Exchange Commission on October 19, 2022 (the “Proxy Statement”).

The Annual Meeting will reconvene on January 13, 2023, at 10:00 AM EST. During this adjournment period, the Company will continue to solicit votes from its stockholders with respect to the proposals set forth in the Proxy Statement. If you are a shareholder of the Company, no matter how many shares you own, your vote is extremely important. Without your vote, the Company may not be able to take certain required corporate governance actions, and the Company will continue to incur expenses associated with the postponement of this meeting. For those of you that have voted already, we are grateful for the strong shareholder support of all of the proposals presented for a vote at this meeting.

Only shareholders of record, as of the record date, October 18, 2022 (the “Record Date”), are entitled to and are being requested to vote at the Annual Meeting, either in person or by proxy. Proxies previously submitted in respect of the Annual Meeting will be voted at the adjourned Annual Meeting unless properly revoked as described in the Proxy Statement, and stockholders who have previously submitted a proxy or otherwise voted need not take any action.

The Company encourages all stockholders of record as of the Record Date, whom have not yet voted, to do so by January 12, 2023 at 11:59 PM EST. Stockholders who have any questions or require any assistance with completing a proxy or voting instruction form or who do not have the required materials, may contact the Company’s proxy solicitor, Morrow Sodali, by calling them at 203-561-6945, or by email OPTT@investor.morrowsodali.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. 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^® autonomous surface vessels (ASVs) and marine robotics services through our wholly owned subsidiary Marine Advanced Robotics. We are headquartered in Monroe Township, New Jersey, and have offices in Houston, Texas, and Richmond, California.

Contact Information

Investors: 609-730-0400 x401 or InvestorRelations@oceanpowertech.com

Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com

FAQ

What happened at Ocean Power Technologies' Annual Meeting on December 14, 2022?

The meeting was convened but adjourned without business due to lack of quorum.

When will Ocean Power Technologies reconvene its Annual Meeting of Stockholders?

The meeting will reconvene on January 13, 2023, at 10:00 AM EST.

Why is it important for shareholders to vote at Ocean Power Technologies' Annual Meeting?

Shareholder votes are critical to conducting required corporate governance actions and avoiding additional expenses.

What is the deadline for shareholders to vote for Ocean Power Technologies' Annual Meeting?

Shareholders must vote by January 12, 2023, at 11:59 PM EST.

What proposals are being voted on at Ocean Power Technologies' Annual Meeting?

The proposals are outlined in the definitive proxy statement filed on October 19, 2022.