Ocean Power Technologies, Inc. (OPTT) Form 8-K — Nov 3, 2026
$OPTTForm 8-KItems 1.01, 2.03, 3.02, 9.01Filed Nov 3, 2026, 4:05 PM ET0001493152-26-049788Original filing
Ocean Power Technologies entered a Securities Purchase Agreement on November 2, 2026, issuing a 12% promissory note with $373,750 principal to Vanquish Funding Group for just $325,000 in net proceeds (a $48,750 original issue discount), maturing October 30, 2027. The note requires seven scheduled repayments totaling $418,600 between April 30, 2027 and October 30, 2027, with a missed payment triggering an Event of Default carrying a 150% penalty (200% for repeat defaults) and 22% per-annum default interest.
Key figures
- Debt Amount
- 373750
- Interest Rate
- 12% one-time interest charge on the principal
- Maturity Date
- 2027-10-30
- Shares Outstanding
- 9094159
- Purchase price
- 325000
- Default percentage
- 150% (200% after secondary default under Section 3.2)
- Conversion discount
- 25% (conversion price = 75% of lowest 10-day closing bid)
- Fail to deliver fee
- $2,000 per day
- Placement agent fee
- 18000
- Conversion threshold
- 19.99% of outstanding common stock absent stockholder approval
- Default interest rate
- 22% per annum
- Original issue discount
- 48750
- Authorized common shares
- 400000000
- Beneficial ownership cap
- 4.99%
- Conversion blocked period
- 180 days from issue date
- Total scheduled repayment
- 418600
- Additional tranches potential
- 2875000
- Lender due diligence legal fees
- 7000
AI analysis
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