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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) announced its financial results for the three and nine months ended September 30, 2023. The company reported a decrease in net sales from $34,498 in 2022 to $30,045 in 2023. Operating income also decreased from $2,323 to $429 for the same period. The company's investment gains or losses reflect realized gains or losses in its investment portfolio. Paragon utilizes pre-tax operating income, a non-GAAP financial measure, in its analysis of financial results.
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Paragon Technologies, Inc. has sent a letter to the independent directors of Ocean Power Technologies, Inc. accusing them of blocking qualified director candidates from being presented to shareholders. Paragon highlights actions taken by OPT, including adopting burdensome advance notice by-laws, implementing an anti-shareholder poison pill, engaging high-priced law firms and proxy defense firm, blocking access to books and records, rejecting Paragon's nomination notice, and playing games with shareholder lists. Paragon questions why OPT is spending exorbitant fees and increasing expenses while its stock price declines. Paragon urges OPT to cut costs and let shareholders vote.
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The Delaware Court of Chancery ruled in favor of Paragon Technologies, finding a credible basis that wrongdoing occurred at Ocean Power Technologies.
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Paragon Technologies, Inc. files litigation against Ocean Power Technologies, Inc. board of directors and CEO for alleged violation of fiduciary duty.
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Paragon Technologies calls on Ocean Power Technologies to remove entrenchment devices in advance of 2023 Annual Meeting
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Paragon Technologies, Inc. announces its results for the three and six months ended June 30, 2023. Net sales for Q2 2023 were $29.2 million, down 10.5% compared to Q2 2022. Operating income increased by 32.1% to $1.5 million. Net income attributable to Paragon Technologies and Subsidiaries was $1.0 million.
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Paragon Technologies, Inc. (PGNT) Calls on Ocean Power Technologies, Inc. (OPTT) to Refrain from Dilutive Equity Issuances and Immediately Announce a Significant Cost Cutting Plan
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Paragon Technologies files complaint to enforce rights to inspect books and records of Ocean Power Technologies. Paragon believes OPTT is hiding something. OPTT's financial decline continues with no viable strategy for profitability. OPTT's net cash used in operating activities for FY 2023 was $21.7 million. OPTT's combined cash is $34.7 million. Paragon predicts OPTT will run out of cash in a little over one year.
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Paragon Technologies calls on the Board of Ocean Power Technologies to return years of excessive board compensation back to the company.
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FAQ
What is the current stock price of Paragon Technologies (PGNT)?
The current stock price of Paragon Technologies (PGNT) is $9 as of March 3, 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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