Ocean Power Technologies, Inc. has expanded its international maritime security engagements across Europe through recent customer deployments and strategic forum participation. The company completed customer training and maritime drone handover activities in Italy and Greece, supporting the successful deployment and operation of autonomous maritime systems by international customers. These initiatives underscore the increasing role OPT is playing in supporting maritime security and critical infrastructure protection efforts with allied and partner nations.

In addition to deployment activities, OPT participated in the 11th National Maritime Security Forum in Warsaw, Poland. Nicholas Woodhams, OPT’s General Manager Arabian Gulf, joined government, military, and industry leaders to discuss maritime critical infrastructure protection and Baltic security. During the forum, Jacek Siewiera, the former Head of National Security Bureau of Poland, recognized OPT for its ongoing involvement in security planning for Polish infrastructure.

Strategic Expansion

OPT continues to grow its international presence through a combination of customer deployments, training programs, strategic partnerships, and participation in key maritime security forums. These efforts are focused on advancing operational capabilities and resilience in the maritime domain. The company’s activities reflect growing international interest in autonomous maritime technologies.

Key Activities Overview

Company Overview

OPT provides intelligent maritime solutions and services for defense and security, oil and gas, science and research, and offshore wind markets. Its offerings include Merrows™, which provides AI-capable integration of Maritime Domain Awareness Systems, PowerBuoy® platforms for electric power and data communications, and WAM-V® unmanned surface vessels (USVs). The company is headquartered in Monroe Township, New Jersey, with an additional office in Richmond, California.

Ocean Power Technologies, Inc. has extended its Tax Benefits Preservation Plan through the close of business on June 29, 2029, to safeguard the availability and potential value of its federal net operating loss carryforwards (NOLs). The Board of Directors unanimously approved the amendment and restatement of the plan, which was previously set to expire on June 29, 2026. This strategic move aims to mitigate the risk of an ownership change that could substantially limit the company's ability to utilize its NOLs and other tax attributes.

The Tax Benefits Preservation Plan is designed to reduce the likelihood of an ownership change under Section 382 of the Internal Revenue Code by deterring any single investor or group from acquiring beneficial ownership of 4.99% or more of the company's outstanding common stock. While the plan cannot ultimately prevent such an ownership change, it serves as a mechanism to protect the company's tax assets.

Originally ratified by stockholders at the 2023 Annual Meeting, the amendment and restatement of the plan will be submitted for ratification at the 2026 Annual Meeting of Stockholders. The specific date for the 2026 meeting has not yet been announced.

Key Details of the Amendment

The extension underscores the company's commitment to preserving its tax benefits, which are critical for offsetting future taxable income. By maintaining the Tax Benefits Preservation Plan, Ocean Power Technologies aims to ensure continued financial flexibility and protection of its shareholder value.