OPT Extends Its Section 382 Tax Benefits Preservation Plan

About this update from Ocean Power Technologies, Inc.

MONROE TOWNSHIP, N.J., June 29, 2026 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or the "Company") (NYSE American: OPTT), a provider of autonomous maritime systems and offshore power solutions, today announced that its Board of Directors (the "Board") has unanimously approved the amendment and restatement of its Section 382 Tax Benefits Preservation Plan, dated June 29, 2023 (the "Tax Benefits Preservation Plan"), to, among other things, extend its expiration time from the close of business on June 29, 2026 to the close of business on June 29, 2029. OPT has extended the Tax Benefits Preservation Plan through the close of business on June 29, 2029 to protect the availability and potential value of the federal net operating loss carryforwards ("NOLs") and other tax attributes that OPT has generated and expects to continue to generate. OPT's ability to use its NOLs would be substantially limited if it experienced an "ownership change" under Section 382 of the Internal Revenue Code. While the Tax Benefits Preservation Plan cannot ultimately prevent such an ownership change, it is intended to reduce the likelihood of such an event by deterring any single investor or group from acquiring beneficial ownership of 4.99% or more of OPT's outstanding common stock. The Tax Benefits Preservation Plan was ratified by OPT's stockholders at its 2023 Annual Meeting of Stockholders. OPT intends to submit the amendment and restatement of the Tax Benefits Preservation Plan for ratification by OPT's stockholders at its 2026 Annual Meeting of Stockholders. The date of OPT's 2026 Annual Meeting of Stockholders has not yet been announced. Additional information about the amendment and restatement of the Tax Benefits Preservation Plan and the rights governed thereby will be contained in reports on Form 8-K and Form 8-A/A that OPT plans to file with the U.S. Securities and Exchange Commission. For additional information about OPT, please visit our website Ocean Power Technologies. About Ocean Power Technologies OPT provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets, including Merrows™, which provides AI capable seamless integration of Maritime Domain Awareness Systems across platforms. Our PowerBuoy® platforms p...

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