Ocean Power Technologies, Inc. has entered into an agreement to sell up to $20,000,000 of common stock through an at-the-market offering, according to an 8-K filed with the SEC.
The agreement, dated July 27, 2026, was made between Ocean Power Technologies and H.C. Wainwright & Co., LLC, according to a legal opinion letter filed as an exhibit to the 8-K.
The filing includes an opinion from the law firm Porter Hedges LLP, which acted as counsel to the company in connection with a prospectus supplement related to the offering. The prospectus supplement was filed under the company's shelf registration statement on Form S-3, according to the filing.
Porter Hedges LLP stated in its opinion that the shares to be issued under the offering will be validly issued, fully paid and nonassessable once the prospectus supplement has been filed as required by law, the company's board of directors has taken all necessary corporate action to authorize the issuance, and the share certificates have been duly executed, countersigned by the transfer agent, and delivered against payment in accordance with the agreement.
The opinions expressed in the letter are limited to the General Corporation Law of the State of Delaware and the federal securities laws of the United States, according to the filing. Porter Hedges LLP also consented to the filing of its opinion as an exhibit to the Form 8-K and to references to the firm under the heading 'Legal Matters' in the prospectus supplement, the filing said.
The company is based at 28 Engelhard Drive, Suite B, Monroe Township, New Jersey, according to the filing.
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