Ocean Power Technologies, Inc. (NYSE American:OPTT), a company specializing in electric services, announced today that its stockholders have approved an amendment to increase the number of authorized shares. At a Special Meeting held today, the amendment to the Certificate of Incorporation was passed, doubling the authorized common stock from 100 million to 200 million shares.
The New Jersey-based company, which is focused on harnessing ocean wave energy to generate reliable, clean electricity, presented this proposal to its shareholders with the intent to expand its share capital. The voting results were conclusive, with 23,072,754 votes for the amendment, 12,195,824 against, and 320,826 abstentions.
The amendment was filed with the Secretary of State of the State of Delaware on the same day as the Special Meeting, signifying a swift move to implement the changes approved by the shareholders. This decision could potentially pave the way for future financings or strategic initiatives that require the issuance of additional shares.
Ocean Power Technologies' President and CEO, Philipp Stratmann, signed off on the report, ensuring compliance with the Securities Exchange Act of 1934. The company has not disclosed specific plans for the use of the additional shares at this time.
In other recent news, Ocean Power Technologies has reported a significant surge in its revenue for the fiscal year 2024, with a 102% increase to $5.5 million. Despite a net loss of $27.5 million in the same fiscal year, the company has made substantial technological advancements and formed key strategic alliances. The Audit Committee of the company's Board of Directors has replaced EisnerAmper LLP with Moss Adams LLP as its new independent registered public accounting firm, aiming to reduce audit fees and costs.
On the path to profitability, Ocean Power Technologies projects to reach this milestone in the second half of 2025, as stated in the company's recent developments. The company's pipeline, which stands at $85 million, is expected to generate contract orders worth $12.5 million for 2025.
The company's revenue growth has been attributed to strong WAM-V sales and an increase in orders and pipeline, as noted by analysts. Despite the challenges faced from a dissident shareholder and high operating expenses, Ocean Power Technologies is making strides in its operations and strategic alliances.
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