On September 10, 2026, Ocean Power Technologies, Inc. (NYSE American: OPTT) announced a 1-for-30 reverse stock split of its common stock. The split was approved by stockholders at a special meeting held on September 10, 2026. The Board of Directors subsequently determined the specific ratio to be 1-for-30.
The reverse split will become effective as of 5:00 p.m., Eastern Time, on September 11, 2026. As a result of the split, every 30 shares of the company's issued and outstanding common stock will be converted into one share of common stock. The company’s common stock will begin trading on a split-adjusted basis on the NYSE American at the market open on September 14, 2026.
Following the split, the number of issued and outstanding shares of common stock is expected to decrease from approximately 270.1 million to approximately 9.1 million. The par value of the common stock remains $0.001, and the total number of authorized shares remains unchanged. The company’s CUSIP number will change to 674870605.
In connection with the reverse split, the company made proportional adjustments to its outstanding convertible securities, stock options, warrants, and equity compensation plans. Additionally, the purchase price of the preferred stock purchase rights associated with the Amended and Restated Section 382 Tax Benefits Preservation Plan was adjusted. The initial purchase price of $2.25 per one one-thousandth of a share of Series A Participating Preferred Stock was multiplied by the reverse split ratio factor of 30, resulting in an adjusted purchase price of $67.50 per one one-thousandth of a share of Preferred Stock.
The company stated that the reverse split is intended to increase the price per share of the common stock to improve its marketability and liquidity. No fractional shares will be issued; stockholders who would otherwise be entitled to fractional shares will receive a whole share for each fractional share.
