Ocean Power Technologies filed an amended preliminary proxy statement on October 19, 2026, ahead of a special stockholder meeting scheduled for November 24, 2026.
The company is asking shareholders to authorize its Board of Directors to implement a reverse stock split of its common stock at a ratio of up to 1-for-6.6. Reverse splits are commonly used to raise a stock’s per-share price and help meet stock exchange listing requirements.
Shareholders are also being asked to approve the issuance of common stock equivalent to 20% or more of the company’s outstanding shares. The proposed issuance relates to exchange agreements with holders of the company’s Series D Senior Convertible Notes, dated September 25, 2026.
The Board has recommended that shareholders vote in favor of all proposals.