Ocean Power Technologies raises $10M via convertible notes at $0.40/share, creating 25M share dilution risk

Filed March 31, 2026 · Period ending April 1, 2026 · ~1 min read

Key Changes

• high

  Company issued $10M in convertible notes to institutional investors, convertible at $0.40/share—potentially adding 25 million shares and significantly diluting existing holders if converted.

  Item 1.01: Securities Purchase Agreement verify on EDGAR →
• high

  Notes mature in 18 months (October 2027) at 13% premium to face value, requiring ~$11.3M repayment if not converted, plus quarterly cash amortization payments starting immediately.

  Item 1.01: Note Terms verify on EDGAR →
• medium

  Interest rate jumps from 4.5% to 13% upon any default event, and notes rank senior to existing unsecured debt, limiting future financing flexibility.

  Item 1.01: Interest and Seniority verify on EDGAR →