Corporate GovernanceJun 29, 2026, 08:02 AM
Ocean Power Technologies Extends Tax Benefits Preservation Plan
AI Summary
Ocean Power Technologies, Inc. (OPT) announced that its Board of Directors unanimously approved the amendment and restatement of its Section 382 Tax Benefits Preservation Plan. The plan's expiration has been extended from June 29, 2026, to June 29, 2029. This extension aims to protect the availability and potential value of the company's federal net operating loss carryforwards (NOLs) and other tax attributes by deterring an "ownership change" under Section 382 of the Internal Revenue Code. The amendment will be submitted for stockholder ratification at the upcoming 2026 Annual Meeting.
Key Highlights
- Ocean Power Technologies extended its Section 382 Tax Benefits Preservation Plan.
- The plan's expiration date was extended from June 29, 2026, to June 29, 2029.
- Purpose is to protect federal net operating loss carryforwards (NOLs) and other tax attributes.
- The plan aims to deter any single investor or group from acquiring 4.99% or more of common stock.
- The extension will be submitted for ratification at the 2026 Annual Meeting of Stockholders.
Price Impact
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