Ocean Power Technologies, Inc. (OPTT): debt financing — Ocean Power Technologies issues $10M convertible notes due 18 months, convertible at $0.40

Ocean Power Technologies, Inc.

$10M aggregate principal of senior convertible notes sold to institutional investors; interest 4.5% (13% upon default).
Notes mature in 18 months at 113% of face value; conversion price $0.40 per share, subject to adjustments.
Conversion limited to 4.99% beneficial ownership cap; notes rank senior to unsecured debt.
Issued via takedown from effective shelf registration statement on Form S-3 (File No. 333-275843).
Use of proceeds not specified; proceeds likely for general corporate purposes.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Ocean Power Technologies, Inc. incurred convertible notes of $10,000,000 with certain institutional investors at 4.5% per annum maturing the eighteen-month anniversary of their issuance dates.

Instrument: convertible notes
Principal: $10,000,000
Counterparty: certain institutional investors
Rate: 4.5% per annum
Maturity: the eighteen-month anniversary of their issuance dates
Event: incurrence

Exact text from the filing

On April 1, 2026, Ocean Power Technologies, Inc. (the “Company”) entered into a securities purchase agreement (the “Securities Purchase Agreement”) with certain institutional investors (the “Investors”) under which the Company agreed to issue and sell convertible notes for an aggregate principal amount of $10,000,000 (the “Notes”)

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Ocean Power Technologies, Inc. entered into Securities Purchase Agreement with certain institutional investors valued at $10,000,000 (effective 2026-04-01).

Action: entry
Agreement: equity purchase
Counterparty: certain institutional investors
Value: $10,000,000
Effective: 2026-04-01

Exact text from the filing

On April 1, 2026, Ocean Power Technologies, Inc. (the “Company”) entered into a securities purchase agreement (the “Securities Purchase Agreement”) with certain institutional investors (the “Investors”) under which the Company agreed to issue and sell convertible notes for an aggregate principal amount of $10,000,000 (the “Notes”)

View on SEC.gov

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Ocean Power Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-26-014548

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