---
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"
generated_at: "2026-10-12T13:25:35.307155+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-26-044336
- JSON: https://secwatch.observer/filing/0001493152-26-044336.json
- Plain text: https://secwatch.observer/filing/0001493152-26-044336.txt

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