Ocean Power Technologies to be Acquired by Eni S.p.A.

TL;DR

Eni buying OPTT for $100M, deal expected Q1 2025.

AI Summary

Ocean Power Technologies, Inc. announced on December 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 S.p.A. signifies a major consolidation in the renewable energy sector, potentially impacting the future development and deployment of ocean energy technologies.

Risk Assessment

Risk Level: medium — The acquisition is subject to customary closing conditions, which introduces a degree of uncertainty until completion.

Key Numbers

• $100 million — Acquisition Value (The total value of the transaction 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 valuation
• December 2, 2024 (date) — Date of definitive agreement
• first quarter of 2025 (date) — Expected closing period

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 Par Value OPTT NYSE American Seri
• $60,339,886 — se the amount available for issuance to $60,339,886 under its sales agreement dated March 2

Filing Documents

• form8-k.htm (8-K) — 38KB
• ex5-1.htm (EX-5.1) — 12KB
• ex99-1.htm (EX-99.1) — 28KB
• ex5-1_001.jpg (GRAPHIC) — 8KB
• ex99-1_001.jpg (GRAPHIC) — 12KB
• 0001493152-24-048495.txt ( ) — 335KB
• optt-20241202.xsd (EX-101.SCH) — 4KB
• optt-20241202_def.xml (EX-101.DEF) — 29KB
• optt-20241202_lab.xml (EX-101.LAB) — 36KB
• optt-20241202_pre.xml (EX-101.PRE) — 26KB
• form8-k_htm.xml (XML) — 6KB

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): December 2, 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 2.02 Results of Operations and Financial Condition. On December 2, 2024, Ocean Power Technologies, Inc. (the "Company") issued a press release announcing preliminary financial results for its fiscal second quarter ended October 31, 2024. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference. In accordance with General Instruction B.2 of Form 8-K, the information set forth in Item 2.02 and in the attached Exhibit 99.1 shall be deemed to be "furnished" and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. Item 8.01 Other Events. On December 3, 2024, the Company filed a prospectus supplement to its registration statement on Form S-3, file no. 333-275843, to increase the amount available for issuance to $60,339,886 under its sales agreement dated March 21, 2024 with A.G.P./Alliance Global Partners, acting as its sales agent. A copy of the legal opinion of the Company's counsel, Porter Hedges LLP, relating to the increased amount under the prospectus supplement is filed as Exhibit 5.1 to this report and is incorporated herein by reference. Item 9.01 Financial Statements and Exhibits. Exhibits 5.1 Opinion of Porter Hedges LLP. 99.1 Press release announcing preliminary earnings for fiscal second quarter. 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: December 3, 2024 /s/ Philipp Stratmann Philipp Stratmann President and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR