Ocean Power exchanges Series C-1 notes for Series D notes, cuts conversion price to $2.45

Ocean Power Technologies, Inc.

Ocean Power signed Exchange Agreements on Sept. 25, 2026 with Series C-1 noteholders, swapping Existing Notes for equal-principal Series D Convertible Notes under Section 3(a)(9).
Series D conversion price was reduced from $12.00 to $2.45, with an alternative price of 93% of lowest VWAP over the prior seven trading days; interest is 4.5% (13% default).
Series D Notes mature on the 18-month anniversary at a 13% premium; amortization starts Jan. 1, 2027, and holder beneficial ownership is capped at 4.99%, adjustable to 9.99%.
Warrant Amendment Agreement cut the June 8, 2026 common warrant exercise price from $12.00 to $2.45; conversions above 19.99% of outstanding shares need NYSE American stockholder approval.
Acting CEO Tracy Pagliara told Proactive the backlog is $20 million and qualified pipeline exceeds $150 million; COO Jason Weed cited REPMUS 2026 and Army Corps tests with 8-, 16-, and 22-foot USVs.

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