Ocean Power Technologies, Inc. - OPTT STOCK NEWS

Welcome to our dedicated page for Ocean Power Technologies news (Ticker: OPTT), a resource for investors and traders seeking the latest updates and insights on Ocean Power Technologies stock.

Ocean Power Technologies, Inc. (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 company’s flagship product, the PowerBuoy® system, integrates patented technologies in hydrodynamics, electronics, energy conversion, and computer control systems to extract the natural energy in ocean waves. This results in a leading-edge, ocean-tested, proprietary autonomous system that turns wave power into reliable, clean, and environmentally beneficial electricity for offshore applications.

Ocean Power Technologies provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations. Its core markets include defense and security, oil and gas, science and research, and offshore wind. The company’s offerings encompass ocean data collection and reporting, marine power, offshore communications, and the Maritime Domain Awareness System (MDAS). Additionally, OPT provides WAM-V® autonomous surface vessels (ASVs) and marine robotics services.

Recent achievements include several successful customer field demonstrations that showcased the Intelligence, Surveillance, and Reconnaissance capabilities of the PowerBuoy. These demonstrations have positioned OPT uniquely in the market, bypassing lengthy paper studies and accelerating the sales cycle. The company has also completed deployments across various seas, including the Atlantic, Pacific, Mediterranean, and North Sea, achieving approximately 15MWh of renewable energy production.

The company has expanded its operational footprint globally, with activities in North and South America, Europe, Asia, and Australia. OPT has forged partnerships with several notable customers, including ENI, EGP, the Office of Naval Research, and the DeepStar consortium. The company is also expanding into the Middle East and Africa, offering its integrated Merrows solution and other technologies.

Ocean Power Technologies continues to provide innovative solutions, contributing to the growth of marine renewable energy and enhancing oceanic operations with clean, reliable power and advanced data communications. Headquartered in Monroe Township, New Jersey, with an additional office in Richmond, California, OPT remains at the forefront of marine technology innovation.

02/02/2024 05:01 PM

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Paragon Urges Individual Investors to Stand Up to Corporate Greed, Entrenchment and Deception by Ignoring OPT's 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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02/01/2024 09:15 AM

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Ocean Power Technologies Board Postpones Annual Meeting After Failing to Obtain Enough Shareholder Support to Achieve a Quorum; Vote Paragons’ BLUE Proxy Now to Save OPT

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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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01/31/2024 04:30 PM

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Ocean Power Technologies Announces Adjournment of 2023 Annual Meeting of Shareholders

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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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01/29/2024 08:27 AM

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Ocean Power Technologies Announces $1.2 million award from the New Jersey Economic Development Authority (NJEDA) Net Operating Loss (NOL) Program

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Ocean Power Technologies, Inc. (OPTT) has been awarded approximately $1.2 million under the New Jersey Economic Development Authority (NJEDA) 2023 Technology Business Tax Certificate Transfer Program, enabling the Company to sell a percentage of their net operating losses and unused R&D tax credits for cash. This funding represents a significant resource as OPTT continues to progress towards profitability.

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01/25/2024 02:02 PM

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Paragon Calls Out OPT's Shameless and Desperate Campaign of Entrenchment; Urges Shareholders to Carefully Evaluate OPT's Track Record of Dishonesty

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Paragon Technologies, Inc. urges shareholders to carefully evaluate Ocean Power Technologies, Inc.'s track record of dishonesty and vote for Paragon's BLUE proxy card. Paragon believes that the OPT board has conducted a shameless and desperate campaign of entrenchment, misleading shareholders and not fulfilling their duties.

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01/22/2024 10:05 AM

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Paragon Calls Out OPT’s Inaccurate Statements About Voting on the Blue Proxy Card; Vote the Blue Proxy Card and Put an End to the Corporate Greed and Drowning Share Price

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Paragon Technologies, Inc. (PGNT) urges Ocean Power Technologies, Inc. (OPTT) shareholders to ignore misleading statements from OPT.

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01/17/2024 08:44 AM

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Ocean Power Technologies Announces Progress on Shift to Commercialization and Expects to Achieve Profitability in Calendar Year 2025

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Ocean Power Technologies, Inc. (OPTT) has completed milestones and initiatives, reallocated headcount towards commercialization, and expects to achieve profitability in 2025. The company has divested its strategic consulting team to focus on commercialization for national security and defense markets, leading to a material reduction in third-party expenditure. With recent contract wins and a growing commercial pipeline, OPT anticipates reaching profitability using current capital resources.

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01/04/2024 09:00 AM

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Paragon Technologies Issues Presentation to OPT Shareholders to Vote Blue Proxy Card

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Paragon Technologies, Inc. (PGNT) Issues Presentation to OPT Shareholders, Urging to Disregard White Proxy and Vote Blue Proxy Card

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12/28/2023 04:35 PM

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Paragon Reminds OPT Shareholders to ONLY Vote Blue Proxy and Send Message to OPT Board that Change is Needed to Avoid Continued Shareholder Losses

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Paragon Technologies, Inc. (PGNT) issues a press release urging shareholders of Ocean Power Technologies, Inc. (OPTT) to vote the BLUE proxy card, highlighting the company's alleged mismanagement and the need for change. The PR emphasizes the importance of shareholders' votes and the potential impact on the election results, while also accusing OPT of rigging the rules to deny shareholders their rightful voting choices.

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12/21/2023 04:15 PM

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Paragon Technologies Issues Statement to the Stockholders of Ocean Power Technologies. Reminds Stockholders to Vote ONLY the Blue Proxy Card

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Company XYZ faces serious concerns, causing a 15% stock price drop (XYZ).

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FAQ

What is the current stock price of Ocean Power Technologies (OPTT)?

The current stock price of Ocean Power Technologies (OPTT) is $0.3355 as of December 20, 2024.

What is the market cap of Ocean Power Technologies (OPTT)?

The market cap of Ocean Power Technologies (OPTT) is approximately 43.9M.

What does Ocean Power Technologies, Inc. do?

Ocean Power Technologies, Inc. (NASDAQ: OPTT) specializes in converting ocean wave energy into electricity through its advanced autonomous PowerBuoy® system and offers intelligent maritime solutions for various industries.

What is the PowerBuoy® system?

The PowerBuoy® system is OPT's flagship product that integrates patented technologies to convert ocean wave energy into reliable, clean, and environmentally beneficial electricity.

In which markets does Ocean Power Technologies operate?

OPT operates in the defense and security, oil and gas, science and research, and offshore wind markets.

What recent achievements has OPT accomplished?

OPT has completed several successful customer field demonstrations, showcasing their PowerBuoy's capabilities, and achieved approximately 15MWh of renewable energy production.

Where does Ocean Power Technologies have operations?

OPT operates globally, with regions including North and South America, Europe, Asia, and Australia.

Who are some of OPT’s notable customers?

Some of OPT's notable customers include ENI, EGP, the Office of Naval Research, and the DeepStar consortium.

What services does OPT offer?

OPT offers ocean data collection and reporting, marine power, offshore communications, and the Maritime Domain Awareness System (MDAS), along with WAM-V® autonomous surface vessels and marine robotics services.

What is OPT’s approach to environmental sustainability?

OPT's PowerBuoy® system and other solutions focus on providing clean, renewable energy from ocean waves, contributing to a safer and more environmentally sound maritime industry.

Where is Ocean Power Technologies headquartered?

Ocean Power Technologies is headquartered in Monroe Township, New Jersey, with an additional office in Richmond, California.

What is the Merrows solution offered by OPT?

The Merrows solution integrates advanced algorithms for Intelligence, Surveillance, and Reconnaissance, providing secure connectivity and actionable intelligence for maritime applications.