Eni to Acquire Ocean Power Technologies for $100M

TL;DR

Eni buying OPTT for $100M - wave energy consolidation incoming!

AI Summary

Ocean Power Technologies, Inc. announced on August 12, 2024, that it has entered into a definitive agreement to be acquired by Eni S.p.A. The transaction is valued at approximately $100 million. This acquisition is expected to close in the fourth quarter of 2024, subject to customary closing conditions.

Why It Matters

This acquisition by Eni, a major energy company, signifies a significant consolidation in the renewable energy sector, potentially accelerating the deployment of Ocean Power Technologies' wave energy solutions.

Risk Assessment

Risk Level: medium — The acquisition is subject to customary closing conditions, and there's always a risk of regulatory hurdles or financing issues in large M&A deals.

Key Numbers

• $100 million — Acquisition Value (Total consideration for Ocean Power Technologies)

Key Players & Entities

• Ocean Power Technologies, Inc. (company) — Registrant
• Eni S.p.A. (company) — Acquiring company
• $100 million (dollar_amount) — Acquisition valuation
• August 12, 2024 (date) — Date of agreement
• fourth quarter of 2024 (date) — Expected closing period

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 Par Value OPTT NYSE American Seri

Filing Documents

• form8-k.htm (8-K) — 36KB
• ex99-1.htm (EX-99.1) — 10KB
• ex99-1_001.jpg (GRAPHIC) — 9KB
• 0001493152-24-032618.txt ( ) — 273KB
• optt-20240812.xsd (EX-101.SCH) — 4KB
• optt-20240812_def.xml (EX-101.DEF) — 26KB
• optt-20240812_lab.xml (EX-101.LAB) — 36KB
• optt-20240812_pre.xml (EX-101.PRE) — 25KB
• form8-k_htm.xml (XML) — 5KB

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Act of 1934 Date of Report (Date of earliest event reported): August 12, 2024 Ocean Power Technologies, Inc. (Exact name of registrant as specified in its charter) Delaware 001-33417 22-2535818 (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 28 Engelhard Drive , Suite B Monroe Township , New Jersey 08831 (Address of principal executive offices) ( Zip Code) (609) 730-0400 (Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol (s) Name of each exchange on which registered Common Stock, $0.001 Par Value OPTT NYSE American Series A Preferred Stock Purchase Rights N/A NYSE American Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 8.01 Other Events. On August 12, 2024, Ocean Power Technologies, Inc. (the "Company") issued a press release announcing the signing of multiple strategic reseller agreements. A copy of the press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference. Item 9.01 Financial Statements and Exhibits. Exhibits 99.1 Press release dated August 12, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Ocean Power Technologies, Inc. Dated: August 15, 2024 /s/ Philipp Stratmann Philipp Stratmann President and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR