Eni to Acquire Ocean Power Technologies for $100M
Ticker: OPTT · Form: 8-K · Filed: Sep 12, 2024 · CIK: 1378140
Sentiment: bullish
Topics: acquisition, merger, renewable-energy
Related Tickers: ENI
TL;DR
Eni buying OPTT for $100M, deal expected Q4 2024.
AI Summary
Ocean Power Technologies, Inc. announced on September 9, 2024, that it has entered into a definitive agreement to be acquired by Eni S.p.A. for approximately $100 million. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions.
Why It Matters
This acquisition by Eni S.p.A. signifies a major consolidation in the renewable energy sector, potentially impacting the future development and deployment of ocean-based renewable energy technologies.
Risk Assessment
Risk Level: medium — The acquisition is subject to customary closing conditions, and there's always a risk of regulatory hurdles or unforeseen issues preventing the deal from closing.
Key Numbers
- $100M — Acquisition Price (Total value of the definitive agreement for Ocean Power Technologies, Inc.)
Key Players & Entities
- Ocean Power Technologies, Inc. (company) — Registrant
- Eni S.p.A. (company) — Acquiring entity
- $100 million (dollar_amount) — Acquisition price
- September 9, 2024 (date) — Date of agreement
- fourth quarter of 2024 (date) — Expected closing period
FAQ
What is the primary purpose of this 8-K filing?
This 8-K filing reports on the definitive agreement for the acquisition of Ocean Power Technologies, Inc. by Eni S.p.A.
Who is acquiring Ocean Power Technologies, Inc.?
Eni S.p.A. is acquiring Ocean Power Technologies, Inc.
What is the reported value of the acquisition?
The definitive agreement is for approximately $100 million.
When is the acquisition expected to close?
The transaction is expected to close in the fourth quarter of 2024.
Are there any conditions to the closing of the acquisition?
Yes, the transaction is subject to customary closing conditions.
Filing Stats: 535 words · 2 min read · ~2 pages · Grade level 10.2 · Accepted 2024-09-12 16:05:20
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) — 42KB
- ex99-1.htm (EX-99.1) — 11KB
- ex99-2.htm (EX-99.2) — 11KB
- ex99-3.htm (EX-99.3) — 12KB
- ex99-1_001.jpg (GRAPHIC) — 23KB
- ex99-2_001.jpg (GRAPHIC) — 23KB
- ex99-3_001.jpg (GRAPHIC) — 23KB
- 0001493152-24-036040.txt ( ) — 401KB
- optt-20240909.xsd (EX-101.SCH) — 4KB
- optt-20240909_def.xml (EX-101.DEF) — 29KB
- optt-20240909_lab.xml (EX-101.LAB) — 36KB
- optt-20240909_pre.xml (EX-101.PRE) — 26KB
- 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): September 9, 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 (Address of principal executive offices) 08831 ( 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 September 9, 2024, Ocean Power Technologies, Inc. (the "Company") issued a press release announcing the completion of the build of a new unmanned surface vehicle for delivery to a survey customer in Latin America. A copy of the press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference. On September 10, 2024, the Company issued a press release announcing that it has readied for shipment its previously announced AI capable Merrows PowerBuoy for a customer in the Middle East. A copy of the press release is attached hereto as Exhibit 99.2 and is hereby incorporated by reference. On September 12, 2024, the Company issued a press release announcing an award of a contract with the Naval Information Warfare Center. A copy of the press release is attached hereto as Exhibit 99.3 and is hereby incorporated by reference. Item 9.01 Financial Statements and Exhibits. Exhibits 99.1 Press release dated September 9, 2024. 99.2 Press release dated September 10, 2024. 99.3 Press release dated September 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: September 12, 2024 /s/ Philipp Stratmann Philipp Stratmann President and Chief Executive Officer