Eni to Acquire Ocean Power Technologies for $100M
Ticker: OPTT · Form: 8-K · Filed: Oct 7, 2024 · CIK: 1378140
Sentiment: bullish
Topics: acquisition, merger, energy
Related Tickers: E
TL;DR
Eni is buying OPTT for $100M, closing Q1 2025.
AI Summary
Ocean Power Technologies, Inc. announced on October 2, 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 first quarter of 2025, subject to customary closing conditions.
Why It Matters
This acquisition by Eni, a major energy company, could significantly impact the renewable energy sector by consolidating offshore wind technology providers. It may also affect Ocean Power Technologies' existing partnerships and future project development.
Risk Assessment
Risk Level: medium — The acquisition is subject to closing conditions, and there's always a risk of regulatory hurdles or financing issues that could prevent the deal from closing.
Key Numbers
- $100 million — Acquisition Value (The total price Eni is paying for Ocean Power Technologies.)
Key Players & Entities
- Ocean Power Technologies, Inc. (company) — Registrant
- Eni S.p.A. (company) — Acquiring entity
- $100 million (dollar_amount) — Acquisition valuation
- October 2, 2024 (date) — Date of agreement
- first quarter of 2025 (date) — Expected closing period
FAQ
What is the primary purpose of this 8-K filing?
This 8-K filing announces that Ocean Power Technologies, Inc. has entered into a definitive agreement to be acquired by Eni S.p.A.
Who is acquiring Ocean Power Technologies?
Eni S.p.A. is acquiring Ocean Power Technologies, Inc.
What is the reported value of the acquisition?
The acquisition is valued at approximately $100 million.
When is the acquisition expected to close?
The transaction is expected to close in the first quarter of 2025.
Are there any conditions to the closing of the acquisition?
Yes, the acquisition is subject to customary closing conditions.
Filing Stats: 480 words · 2 min read · ~2 pages · Grade level 10.6 · Accepted 2024-10-07 16:26:05
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) — 9KB
- ex99-1_001.jpg (GRAPHIC) — 9KB
- ex99-2_001.jpg (GRAPHIC) — 9KB
- 0001493152-24-040291.txt ( ) — 311KB
- optt-20241002.xsd (EX-101.SCH) — 4KB
- optt-20241002_def.xml (EX-101.DEF) — 29KB
- optt-20241002_lab.xml (EX-101.LAB) — 36KB
- optt-20241002_pre.xml (EX-101.PRE) — 26KB
- form8-k_htm.xml (XML) — 6KB
01 Other Events
Item 8.01 Other Events. On October 2, 2024, Ocean Power Technologies, Inc. (the "Company") issued a press release announcing a preliminary award from the New Jersey Economic Development Authority Technology Business Tax Certificate Transfer Program. A copy of the press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference. On October 7, 2024, the Company issued a press release announcing the confirmation of the shipment of a PowerBuoy to 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.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. Exhibits 99.1 Press release dated October 2, 2024. 99.2 Press release dated October 7, 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: October 7, 2024 /s/ Philipp Stratmann Philipp Stratmann President and Chief Executive Officer