secwatch.observer — SEC 8-K summary
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Issuer:     Ocean Power Technologies, Inc. (OPTT)
CIK:        0001378140
Form:       8-K
Filed at:   2026-09-25T20:39:34+00:00
Accession:  0001493152-26-044336
Event type: debt
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 2.03, 3.02, 7.01, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1378140/000149315226044336/0001493152-26-044336-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1378140/000149315226044336/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-26-044336

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