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PARAGON TECHS INC (PGNT) is a diversified holding company heavily invested in Ocean Power Technologies, Inc. (OPT), owning 4.8% of its outstanding shares. The company, led by Chairman and CEO Sham Gad, is committed to safeguarding shareholder value and demanding accountability from OPT's Board. Paragon has offered up to $3 million in non-dilutive preferred equity to save OPT from insolvency and ensure sustainable growth. Despite OPT's recent order and funding announcements, Paragon remains critical of OPT's financial losses and unsustainable expenses, urging transparent communication with individual investors. Paragon's ongoing proxy solicitation seeks to challenge OPT's current Board and CEO, calling for a strategic shift towards profitability and enhanced shareholder value. With a focus on corporate transparency and value creation, Paragon continues to engage with OPT shareholders to drive positive change and sustainable growth.
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Paragon Technologies, Inc. (PGNT) announces financial results for the year ended December 31, 2023, revealing a decrease in net sales compared to previous years. Operating income also declined, impacted by investment gains and losses. Shareholders can access the Annual Letter on April 8, 2024, for detailed information.
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Paragon Technologies, Inc. expresses disappointment in Ocean Power Technologies, Inc.'s preference for institutional investors over individual shareholders.
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Paragon Technologies, Inc. calls on Ocean Power Technologies, Inc. CEO to provide transparency on recent order and funding announcements. OPT's financial data shows growing expenses and losses despite minimal revenue growth.
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Paragon Technologies, Inc. issues a statement to Ocean Power Technologies, Inc. shareholders regarding the postponement of its annual meeting and the company's failure to obtain a quorum. Paragon's investigation raises concerns about SEC rule violations. Paragon Chairman and CEO Sham Gad criticizes OPT's financial performance and board actions, highlighting a 90% decline in shareholder value since the appointment of the current CEO. He accuses the board of self-serving behavior and neglecting shareholder interests. Paragon urges shareholders to reject OPT's directors and executives, alleging entrenchment and misleading statements.
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Ocean Power Technologies, Inc. (NYSE American: OPTT) announced that the 2023 Annual Meeting of Shareholders was reconvened and adjourned due to the failure to reach the required quorum. Paragon Technologies, Inc. prevented its shares from being counted, forcing the company to incur additional costs and divert attention from enhancing shareholder value. The meeting will reconvene on February 28, 2024, and shareholders are urged to vote on the 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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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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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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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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Paragon Technologies, Inc. (PGNT) urges Ocean Power Technologies, Inc. (OPTT) shareholders to ignore misleading statements from OPT.
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FAQ
What is the current stock price of Paragon Technologies (PGNT)?
The current stock price of Paragon Technologies (PGNT) is $8.75 as of February 27, 2025.
What is the market cap of Paragon Technologies (PGNT)?
The market cap of Paragon Technologies (PGNT) is approximately 18.0M.
What is Paragon Techs Inc's ownership in Ocean Power Technologies, Inc. (OPT)?
Paragon Techs Inc owns approximately 4.8% of the outstanding shares of OPT.
What is the company's recent offer to OPT for financing?
Paragon has offered up to $3 million in non-dilutive preferred equity to save OPT from insolvency and future shareholder losses.
Who leads PARAGON TECHS INC?
PARAGON TECHS INC is led by Chairman and CEO Sham Gad.
What is the primary goal of the ongoing proxy solicitation by Paragon?
The proxy solicitation aims to challenge OPT's current Board and CEO, pushing for strategic shifts towards profitability and enhanced shareholder value.
How does Paragon Techs Inc emphasize corporate transparency?
Paragon stresses corporate transparency by demanding accountability from OPT's Board and facilitating open communication with individual investors.
What key initiatives is Paragon Techs Inc focused on?
Paragon is focused on safeguarding shareholder value, driving sustainable growth, and fostering positive change at OPT.
What recent announcements have prompted Paragon's criticism of OPT?
OPT's recent order and funding announcements, coupled with persistent financial losses and unsustainable expenses, have led to Paragon's criticism.
How does Paragon Techs Inc engage with OPT shareholders?
Paragon actively engages with OPT shareholders to advocate for value creation, strategic shifts, and enhanced transparency in corporate communications.
What is the significance of Paragon Techs Inc's investment in OPT?
Paragon's proposed investment in OPT signifies a commitment to saving the company from insolvency, fostering sustainable growth, and ensuring shareholder value.
What long-term goals does Paragon Techs Inc have for its investment in OPT?
Paragon aims to drive positive change, enhance shareholder value, and promote profitability at OPT through its strategic investments and ongoing engagement initiatives.
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