{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-26-044336","form_type":"8-K","ticker":"OPTT","cik":"0001378140","company_name":"Ocean Power Technologies, Inc.","filed_at":"2026-09-25T20:39:34+00:00","discovered_at":"2026-09-25T20:41:01.194895+00:00","generated_at":"2026-10-12T13:25:35.307155+00:00","sec_items":["1.01","2.03","3.02","7.01","9.01"],"event_type":"debt","sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"Ocean Power exchanges Series C-1 notes for Series D notes, cuts conversion price to $2.45","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-26-044336","json":"https://secwatch.observer/filing/0001493152-26-044336.json","markdown":"https://secwatch.observer/filing/0001493152-26-044336.md","text":"https://secwatch.observer/filing/0001493152-26-044336.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1378140/000149315226044336/0001493152-26-044336-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1378140/000149315226044336/form8-k.htm"},"model":{"generated_by":"deepseek-v4.1-flash:cloud@v2","generated_at":"2026-10-12T13:25:35.307155+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}