OPTT signs $40M ATM equity facility with Ladenburg; terminates prior AGP agreement

Ocean Power Technologies, Inc.

Entered into ATM sales agreement for up to $40M of common stock with Ladenburg Thalmann.
Commission of 3% of gross proceeds; sales will be at-the-market or in negotiated transactions.
Terminated prior ATM agreement with A.G.P./Alliance Global Partners under which ~$18M was sold.
New agreement effective August 8, 2025; no penalties for termination of prior agreement.
Shares issued under effective S-3 shelf; prospectus supplement filed same day.

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