UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
Current
Report Pursuant to Section 13 or 15(d) of
the Securities Act of 1934
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Item 1.02 Termination of a Material Definitive Agreement.
Effective June 2, 2023, Ocean Power Technologies, Inc. (the “Company”) terminated its At the Market Offering Agreement with A.G.P/Alliance Global Partners (“AGP”) dated November 20, 2020 (the “AGP Agreement”). Under the AGP Agreement, the Company had sold and issued an aggregate of 17,179,883 shares of its common stock with an aggregate market value of $50.0 million at an average price of $2.91 per share and paid AGP a sales commission of approximately $1.6 million related to those shares. There were no penalties associated with the termination.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Ocean Power Technologies, Inc. | |
Dated: June 8, 2023 | /s/ Philipp Stratmann |
Philipp Stratmann | |
President and Chief Executive Officer |