On April 1, 2026, Ocean Power Technologies, Inc. (the "Company") announced that it has entered into a securities purchase agreement with institutional investors to issue and sell convertible notes totaling $10 million. These notes will be convertible into shares of the Company's common stock, which has a par value of $0.001 per share. The agreement includes customary representations, warranties, and covenants, along with certain limitations on debt and asset transfers. The notes will bear an interest rate of 4.5% per annum, increasing to 13% in the event of default, and will mature 18 months after issuance. The conversion price is set at $0.40 per share, subject to adjustments for stock splits and similar events. This financing is expected to provide the Company with necessary liquidity to support its operations and growth initiatives. The notes and the shares issuable upon conversion are being offered under a prospectus supplement filed in connection with the Company's existing shelf registration statement, which was declared effective in December 2023. This move is seen as a strategic effort to bolster the Company's financial position and enhance its operational capabilities in the renewable energy sector.

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