Paragon Calls on Ocean Power to Cease Any and All Future Equity Raises That Dilute Existing Stockholders to Fund OPT's Losses and Executive Compensation [Yahoo! Finance]
Ocean Power Technologies, Inc. (OPTT)
US:NASDAQ Investor Relations:
oceanpowertechnologies.gcs-web.com/node/5806
Company Research
Source: Yahoo! Finance
EASTON, PA / ACCESSWIRE / April 22, 2024 / Paragon Technologies, Inc. ("Paragon"), a diversified holding company and the largest shareholder of Ocean Power Technologies, Inc. (NYSE American:OPTT), ("Company" or "OPT"), calls on OPT to immediately cease any future dilutive equity issuance and instead engage with Paragon to save OPT shareholders from a total loss and the company from permanent financial ruin. "Since OPT concluded what we believe may have been an invalid annual meeting on February 28, OPT's share price has nosedived, down nearly 40%" notes Sham Gad, Chairman of Paragon. "The market has lost any faith in CEO Philip Stratmann's strategy because it simply is not working at all." Continues Gad, "Over the past few weeks OPT has issued several press releases announcing various partnerships and the market response has been the same - a significant drop in the share price. Shareholders and other investors have lost all faith in the competency of OPT's executives and directo
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OPTT
Sec Filings
- 4/26/24 - Form 8-K
- 4/22/24 - Form DFAN14A
- 4/17/24 - Form SC
- OPTT's page on the SEC website