Business
Paragon Calls Out OPT's Shameless and Desperate Campaign of Entrenchment; Urges Shareholders to Carefully Evaluate OPT's Track Record of Dishonesty
Paragon Calls Out OPT's Shameless and Desperate Campaign of Entrenchment; Urges Shareholders to Carefully Evaluate OPT's Track Record of Dishonesty.
About this update from Paragon Technologies, Inc.
[{"type":"text","content":"EASTON, PA / ACCESSWIRE / January 25, 2024 / Paragon Technologies, Inc. ("Paragon"), a diversified holding company, owning approximately 4.8% of the outstanding shares of Ocean Power Technologies, Inc. (NYSE American:OPTT), ("Company") ("OPT"), is urging shareholders to carefully evaluate OPT's track record of dishonesty and vote Paragon's BLUE proxy card to send a message to the OPT board.Paragon believes that the OPT board has conducted the most shameless and desperate campaign of entrenchment, instead of fulfilling their duties to shareholders to conduct a fair and lawful annual meeting. Don't believe OPT's false statements that "there is no proxy contest."At the same time, the OPT board continues to mislead shareholders about the true state of OPT's financial condition and its future prospects. Since Paragon arrived on the scene, in addition to adopting every entrenchment device conceivable, the OPT board suddenly says the Company will now be profitable…but two years from now.As a result, the market has lost complete faith in OPT as a viable business…the stock is down almost 90% under this current board and CEO. Never having any shame, OPT is teeing up another $100 million in shareholder dilution through new rounds of equity offerings and teeing up another 2.9 million shares of management stock awards through an increased incentive plan to be voted on at the annual meeting.If change at the board level is not made this year, we strongly believe the incompetency of the board and CEO, who have failed to even acknowledge the perilous situation at OPT, will likely lead to continued significant decline in shareholder value.Despite any purported positive news about OPT that the CEO and board announce, the Company's share price continues to decline. Do not let OPT's misleading statements about the future of OPT lure you into believing the future will be different.The market has lost all faith in the management and business strategy at OPT.If you have voted to Withhold on the white proxy, you should revote the BLUE proxy instead to make your vote against the incumbent directors count. A withhold vote on the white card does not support Paragon's nominees.Voting ONLY the BLUE proxy card for change at the board level is the only way to change the direction of OPT's share price.If you d...