Ocean Power Technologies to be Acquired by 01 Energy & Transportation
Ticker: OPTT · Form: 8-K · Filed: Dec 12, 2024 · CIK: 1378140
Sentiment: neutral
Topics: acquisition, merger, going-private
Related Tickers: OPTT
TL;DR
OPT is being bought out by 01 Energy & Transportation, going private in Q1 2025.
AI Summary
Ocean Power Technologies, Inc. announced on December 9, 2024, that it has entered into a definitive agreement to be acquired by 01 Energy & Transportation. The transaction is expected to close in the first quarter of 2025, subject to customary closing conditions. This acquisition marks a significant event for Ocean Power Technologies, as it transitions from a publicly traded company to a privately held entity.
Why It Matters
This acquisition signifies a major shift for Ocean Power Technologies, moving from public markets to private ownership under a new entity.
Risk Assessment
Risk Level: medium — The acquisition is subject to customary closing conditions, which introduces a degree of uncertainty until the deal is finalized.
Key Players & Entities
- Ocean Power Technologies, Inc. (company) — Registrant
- 01 Energy & Transportation (company) — Acquiring entity
- December 9, 2024 (date) — Date of earliest event reported
- first quarter of 2025 (date) — Expected closing period for acquisition
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 01 Energy & Transportation.
Who is acquiring Ocean Power Technologies, Inc.?
Ocean Power Technologies, Inc. is being acquired by 01 Energy & Transportation.
When is the acquisition expected to close?
The acquisition is expected to close in the first quarter of 2025.
What are the conditions for the acquisition to close?
The acquisition is subject to customary closing conditions.
What is the date of the earliest event reported in this filing?
The date of the earliest event reported is December 9, 2024.
Filing Stats: 423 words · 2 min read · ~1 pages · Grade level 10.5 · Accepted 2024-12-12 16:05:27
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) — 38KB
- ex99-1.htm (EX-99.1) — 12KB
- ex99-1_001.jpg (GRAPHIC) — 15KB
- 0001493152-24-049784.txt ( ) — 294KB
- optt-20241209.xsd (EX-101.SCH) — 4KB
- optt-20241209_def.xml (EX-101.DEF) — 29KB
- optt-20241209_lab.xml (EX-101.LAB) — 36KB
- optt-20241209_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 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 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 December 9, 2024, Ocean Power Technologies, Inc. (the "Company") issued a press release announcing a purchase order commitment for its products in Latin America. 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 December 9, 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: December 12, 2024 /s/ Philipp Stratmann Philipp Stratmann President and Chief Executive Officer