secwatch.observer — SEC 8-K summary
======================================

Issuer:     Ocean Power Technologies, Inc. (OPTT)
CIK:        0001378140
Form:       8-K
Filed at:   2023-06-30T23:59:59+00:00
Accession:  0001493152-23-023008
Event type: other_material
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 3.03, 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1378140/000149315223023008/0001493152-23-023008-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1378140/000149315223023008/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-023008

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer