Financing ·
Ocean Power Technologies exchanged its Series C-1 Convertible Notes for an equivalent principal amount of Series D…
OPTTOcean Power Technologies, Inc.
Ocean Power Technologies exchanged its Series C-1 Convertible Notes for an equivalent principal amount of Series D Convertible Notes on September 25, 2026, reducing the conversion price from $12.00 to $2.45 and introducing a 93% VWAP alternative conversion price. The company also adjusted the exercise price of its common warrants issued in June 2026 from $12.00 to $2.45. In an interview, Acting CEO Tracy Pagliara reported a $20 million backlog and over $150 million in qualified pipeline, highlighting successful integration of uncrewed surface vehicles with the U.S. Navy during REPMUS 2026 and evaluations by the Army Corps of Engineers. The company operates in the defense and renewable energy sectors, developing uncrewed surface vehicles and wave-powered buoys.