Financing ·
Ocean Power Technologies borrows $325K via 12% promissory note with up to $2.875M in additional tranches
OPTTOcean Power Technologies, Inc.
On November 2, 2026, Ocean Power Technologies entered into a Securities Purchase Agreement with Vanquish Funding Group Inc., issuing a 12% promissory note for an aggregate principal amount of $373,750. The company received net proceeds of $325,000 after accounting for a $48,750 original issue discount and agreed to pay $7,000 in the lender's due diligence and legal fees. The note matures on October 30, 2027, with prepayment discounts available within the first six months. The agreement allows for additional financing tranches totaling up to $2,875,000 over the next twelve months, subject to mutual agreement. Vanquish holds a conditional right to convert the outstanding balance into common stock at a 25% discount to market price after 180 days, capped at beneficial ownership of 4.99%. Ocean Power Technologies develops and markets ocean energy conversion systems for marine applications.