Ocean Power Technologies, Inc. (NYSE: OPTT) appointed Tracy Pagliara as acting chief executive officer and Jason Weed as chief operating officer effective September 14, 2026.

The leadership changes aim to strengthen commercial execution and backlog conversion for the maritime operational infrastructure company. Dr. Philipp Stratmann stepped down as president, CEO and board member by mutual agreement.

Leadership Transition

Tracy Pagliara assumes the roles of acting CEO and president while joining the board of directors. He previously served six years as CEO of a public company and is a certified public accountant. Currently, he serves as senior vice president, general counsel and secretary at Ocean Power Technologies.

Jason Weed is appointed chief operating officer with responsibility for commercial sales, operations and technology innovation. He previously served as senior vice president of commercial sales. Weed brings experience from his service as a captain in the US Navy, including commanding the Unmanned Undersea Vehicle Squadron.

Strategic Focus

Chairman Rear Admiral (retired) Joseph A. DiGuardo Jr. stated the board seeks to sharpen focus on converting opportunities into contracts and revenue. The company spent fiscal 2026 establishing an operational foundation for larger deployments and recurring revenue programs.

Dr. Stratmann will remain available to assist the new leadership team through a transition period. The board credited him with evolving the company from a technology-development firm into an operating maritime technology business.

Business Overview

Ocean Power Technologies provides intelligent maritime solutions for defense, security, oil and gas, science and offshore wind markets. Its portfolio includes Merrows AI-capable Maritime Domain Awareness Systems, PowerBuoy platforms for remote power and data communications, and WAM-V unmanned surface vessels.

Ocean Power Technologies Inc. (NYSE: OPTT) shares fell 21.69% in after-hours trading on Thursday, dropping to $0.13 from a regular session close of $0.16. The decline followed the company’s announcement of a 1-for-30 reverse stock split.

The reverse split is designed to increase the per-share price to enhance marketability and liquidity. Shares will begin trading on a split-adjusted basis when the NYSE American opens on September 14, 2026.

Corporate Action Details

Under the plan, every 30 outstanding common shares will be combined into one share. No fractional shares will be issued; holders entitled to fractions will receive one whole share instead. The company expects approximately 9.1 million shares to be issued and outstanding immediately after the split.

In connection with the action, the purchase price of the company’s preferred stock purchase rights under its Section 382 Tax Benefits Preservation Plan was adjusted from $2.25 to $67.50 per one one-thousandth of a share of Series A Participating Preferred Stock. Further details are expected in a Form 8-K filing on September 11, 2026.

Trading Metrics

Ocean Power Technologies has a market capitalization of $42.90 million. The stock has traded between a 52-week high of $0.72 and a low of $0.13 over the past year, representing a decline of 71.93% year-over-year. Analyst rankings indicate a negative price trend across short-, medium-, and long-term time frames.