---
schema_version: "secwatch.filing_event.v1"
accession: "0001641172-25-010584"
form_type: "8-K"
ticker: "OPTT"
cik: "0001378140"
company_name: "Ocean Power Technologies, Inc."
filed_at: "2025-05-15T23:59:59+00:00"
generated_at: "2026-05-21T04:43:19.782115+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Ocean Power Technologies issues $10M convertible notes, option for up to $15M more

## Summary
- 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.

## SEC filing metadata
- accession: 0001641172-25-010584
- form_type: 8-K
- ticker: OPTT
- cik: 0001378140
- company_name: Ocean Power Technologies, Inc.
- filed_at: 2025-05-15T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1378140/000164117225010584/0001641172-25-010584-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1378140/000164117225010584/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001641172-25-010584
- JSON: https://secwatch.observer/filing/0001641172-25-010584.json
- Plain text: https://secwatch.observer/filing/0001641172-25-010584.txt

## Key facts
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1378140/000164117225010584/0001641172-25-010584-index.htm

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