Ocean Power Extends Tax Benefits Plan to 2029; Rights Purchase Price $2.25

Ocean Power Technologies, Inc. (OPT) announced the extension of its Section 382 Tax Benefits Preservation Plan, pushing the expiration date from June 29, 2026, to June 29, 2029. This action, unanimously approved by the Board, aims to protect the company's Net Operating Losses (NOLs) and other tax attributes from being limited by an "ownership change" under Section 382 of the Internal Revenue Code. The plan deters any entity from acquiring 4.99% or more of OPT's outstanding common stock without Board approval, and also adjusted the purchase price for Series A Preferred Stock Rights from $4 to $2.25 per Unit. The amendment will be submitted for stockholder ratification at the 2026 Annual Meeting.