Paragon Technologies Files Complaint Alleging Ocean Power Technologies Failed to Achieve a Legitimate Quorum at its Annual Meeting of Shareholders [Yahoo! Finance]
Ocean Power Technologies, Inc. (OPTT)
US:NASDAQ Investor Relations:
oceanpowertechnologies.gcs-web.com/node/5806
Company Research
Source: Yahoo! Finance
Ocean Power Technologies, Inc. (NYSE American:OPTT), ("Company" or "OPT"), yesterday filed a complaint in the Delaware Court of Chancery alleging OPT failed to achieve a quorum at its 2023 Annual Meeting of Stockholders held on February 28, 2024. "After postponing its annual meeting twice for failing to achieve a quorum, OPT filed notice with the Securities and Exchange Commission on March 2 announcing its claimed annual meeting results," notes Sham Gad, Chairman of Paragon. "Based on the voting tally published in that 8-K filing, every single proposal including auditor ratification shows only 49.5% of shareholders voted, below the 50.1% needed for a quorum." Despite the endless entrenchment actions taken by the OPT board of directors (the "Board") over the past year, the board failed at the simple task of filing a Form 8-K demonstrating a quorum. Given that OPT did not even start its annual meeting on time on February 28, we believe OPT took improper and aggressive steps in count
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- Ocean Power Technologies Unveils Versatile New Generation of Buoy Systems [Yahoo! Finance]Yahoo! Finance
- 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]Yahoo! Finance
- Paragon Calls on Ocean Power to Cease Any and All Future Equity Raises That Dilute Existing Stockholders to Fund OPT's Losses and Executive CompensationAccesswire
- Wave and Tidal Energy Market Size Projected to Surge $5.1 Billion Growth by 2033, Exhibit a CAGR of 12.5% [Yahoo! Finance]Yahoo! Finance
- Ocean Power Technologies Announces Participation in NATO Digital Ocean Industry Symposium [Yahoo! Finance]Yahoo! Finance
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