Followers | 297 |
Posts | 41029 |
Boards Moderated | 12 |
Alias Born | 08/30/2001 |
Monday, August 07, 2023 4:29:55 PM
Item 1.01 Entry into a Material Definitive Agreement.
On August 7, 2023, Ocean Power Technologies, Inc. (the “Company”) entered into a Controlled Equity Offering Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co. (“Cantor”), as sales agent, pursuant to which the Company may offer and sell, from time to time, through Cantor shares of its common stock, par value $0.001 per share (the “Shares”).
Upon delivery of a placement notice and subject to the terms and conditions of the Sales Agreement, Cantor will use commercially reasonable efforts consistent with its normal trading and sales practices, applicable state and federal law, rules and regulations, and the rules of the NYSE American to sell the Shares from time to time based upon the Company’s instructions, including any price, time or size limits specified by the Company. Under the Sales Agreement, Cantor may sell the Shares by any method deemed to be an “at the market offering” as defined in Rule 415(a)(4) under the U.S. Securities Act of 1933, as amended, or any other method permitted by law, including in negotiated transactions with our prior consent. Cantor’s obligations to sell the Shares under the Sales Agreement are subject to satisfaction of certain conditions, including customary closing conditions.
The Company will pay Cantor a commission of 3.0% of the aggregate gross proceeds from each sale of the Shares and has agreed to provide Cantor with customary indemnification rights. The Company has also agreed to reimburse Cantor for certain specified expenses. The Company is not obligated to sell any Shares under the Sales Agreement. The offering of the Shares pursuant to the Sales Agreement will terminate upon the termination of the Sales Agreement by Cantor or the Company, as permitted therein.
The foregoing description of the Sales Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Sales Agreement, a copy of which is filed herewith and is incorporated herein by reference. A copy of the legal opinion of Porter Hedges LLP relating to the validity of the Shares under the Sales Agreement is filed herewith as Exhibit 5.1.
This Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy any shares under the Sales Agreement, nor shall there be any sale of such shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
PROTECT YOUR ASS-ets!!
Recent OPTT News
- Ocean Power Technologies Issues Stockholder Vote and Meeting Reminder • GlobeNewswire Inc. • 08/02/2024 09:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/01/2024 01:00:34 PM
- Ocean Power Technologies Announces Patent Pending on Innovative Docking and Recharging Buoy Technology • GlobeNewswire Inc. • 08/01/2024 12:00:00 PM
- Ocean Power Technologies Expands in Latin America with Reseller Agreement in Costa Rica • GlobeNewswire Inc. • 07/30/2024 12:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/25/2024 09:00:25 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 07/25/2024 08:15:55 PM
- Ocean Power Technologies, Inc. Announces Fourth Quarter and Full Year Fiscal 2024 Results • GlobeNewswire Inc. • 07/25/2024 08:15:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/17/2024 01:15:12 PM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 07/15/2024 09:05:00 PM
- Ocean Power Technologies Awarded Contract for Delivery of AI Capable Merrows Buoy in the Middle East • GlobeNewswire Inc. • 07/15/2024 12:15:00 PM
- Ocean Power Technologies to Report fiscal 2024 Fourth Quarter Results on July 25th, 2024 • GlobeNewswire Inc. • 07/12/2024 08:16:35 PM
- Ocean Power Technologies to Participate in Fireside Chat with Water Tower Research on July 17, 2024 • GlobeNewswire Inc. • 07/11/2024 08:15:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/10/2024 09:05:47 PM
- Ocean Power Technologies Signs Agreement with AltaSea to Advance Wave Power Projects • GlobeNewswire Inc. • 07/09/2024 12:15:00 PM
- Ocean Power Technologies Signs Reseller Agreement with Survey Equipment Services for the USA • GlobeNewswire Inc. • 07/08/2024 12:15:00 PM
- Ocean Power Technologies Partners with Unique Group for Autonomous Vehicle Services in the Middle East • GlobeNewswire Inc. • 07/02/2024 12:00:00 PM
- Ocean Power Technologies Signs OEM Agreement with Key Maritime Technology Provider Teledyne Marine • GlobeNewswire Inc. • 06/27/2024 09:02:00 PM
- Ocean Power Technologies Reaches Agreement in Principle for Delivery of Multiple Unmanned Surface Vehicles to US Government • GlobeNewswire Inc. • 06/26/2024 12:00:00 PM
- Ocean Power Technologies Selected as Preferred Supplier for Delivery of AI capable Merrows Buoy in the Middle East • GlobeNewswire Inc. • 06/24/2024 12:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/17/2024 09:04:27 PM
- Ocean Power Technologies Launches Global 24/7 Service Support Offering • GlobeNewswire Inc. • 06/17/2024 12:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/14/2024 08:05:15 PM
- Ocean Power Technologies Completes Delivery of First Set of New WAM-Vs to Sulmara • GlobeNewswire Inc. • 06/11/2024 12:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/07/2024 08:05:32 PM
- Ocean Power Technologies Awarded Contract for Immediate Delivery of Unmanned Surface Vehicle to Offshore Construction Contractor • GlobeNewswire Inc. • 06/05/2024 11:30:00 AM
North Bay Resources Announces Mt. Vernon Gold Mine Startup, Sierra County, California • NBRI • Aug 5, 2024 9:00 AM
Fifty 1 Labs, Inc. and All-In-Extracts Announce Joint Venture to Develop and Release New Testosterone Boosting Supplement • BLEG • Aug 5, 2024 8:30 AM
Kona Gold Beverages, Inc. Announces Strategic Initiatives and Corporate Direction Changes • KGKG • Aug 2, 2024 2:00 PM
POET and Luxshare Tech Expand Product Offerings for Artificial Intelligence Networks • POET • Aug 1, 2024 9:28 AM
Management Discusses Financial Filings of Global Arena Holding Inc., for 10-K 2023 and 10-Q, 1st Quarter 2024 • GAHC • Aug 1, 2024 9:14 AM
VAYK Announces LOI to Acquire $1 Million Home Service Company to Support Airbnb Business • VAYK • Aug 1, 2024 9:00 AM