secwatch.observer — SEC 8-K summary
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Issuer:     Ocean Power Technologies, Inc. (OPTT)
CIK:        0001378140
Form:       8-K
Filed at:   2025-05-15T23:59:59+00:00
Accession:  0001641172-25-010584
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1378140/000164117225010584/0001641172-25-010584-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1378140/000164117225010584/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001641172-25-010584

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer