Ocean Power Technologies, Inc. (OPTT): debt financing — Ocean Power Technologies issues $10M convertible notes, option for up to $15M more

Ocean Power Technologies, Inc.

Initial $10M notes issued at par on May 15, 2025; total offering up to $25M aggregate principal.
Notes carry 0% interest (13% upon default), mature 24 months from issuance, convertible at $0.68/share.
Monthly amortization payments in cash or common stock; prepayment allowed with 12.5% premium.
Additional $15M may be sold in subsequent closings subject to conditions including stockholder approval.
Conversion capped at 4.99% (or 9.99% at holder's option) beneficial ownership limit.

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 13% per annum (upon default) maturing the twenty-four month anniversary of their respective issuance dates.

Instrument: convertible notes
Principal: $10,000,000
Counterparty: certain institutional investors
Rate: 13% per annum (upon default)
Maturity: the twenty-four month anniversary of their respective issuance dates
Event: incurrence

Exact text from the filing

On May 15, 2025 (the "Initial Closing Date"), the Company issued and sold to the Investors Notes in the original aggregate principal amount of $10,000,000

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Ocean Power Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0001641172-25-010584

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