---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-23-023008"
form_type: "8-K"
ticker: "OPTT"
cik: "0001378140"
company_name: "Ocean Power Technologies, Inc."
filed_at: "2023-06-30T23:59:59+00:00"
generated_at: "2026-06-13T13:49:47.917644+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Ocean Power Technologies adopts Section 382 rights plan to protect NOLs

## Summary
- Plan triggers at 4.99% beneficial ownership; dilutes acquirer with 50% discount on common stock purchase.
- One preferred stock purchase right per share distributed to holders of record as of July 11, 2023.
- Plan expires June 29, 2026, but may be terminated earlier if Board deems no longer necessary.
- Existing holders of 4.99% or more as of announcement are grandfathered unless they buy additional shares.
- Board retains discretion to exempt any acquisition from triggering the plan.

## SEC filing metadata
- accession: 0001493152-23-023008
- form_type: 8-K
- ticker: OPTT
- cik: 0001378140
- company_name: Ocean Power Technologies, Inc.
- filed_at: 2023-06-30T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 3.03, 5.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1378140/000149315223023008/0001493152-23-023008-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1378140/000149315223023008/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-23-023008
- JSON: https://secwatch.observer/filing/0001493152-23-023008.json
- Plain text: https://secwatch.observer/filing/0001493152-23-023008.txt

## Key facts
- Governance Changes
  Ocean Power Technologies, Inc.: Adoption of Series A Certificate of Designations designating Series A Participating Preferred Stock in connection with Tax Benefits Preservation Plan (effective 2023-06-30).
  - Change: charter amendment
  - Effective: 2023-06-30
  source text: In connection with the adoption of the Tax Benefits Preservation Plan described in Item 1.01 above, on June 29, 2023, the Board approved the Series A Certificate of Designations to designate the Series A Participating Preferred Stock. The Company intends to file the Series A Certificate of Designations with the Secretary of State of the State of Delaware on June 30, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1378140/000149315223023008/0001493152-23-023008-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.