Business Context and Reporting Period
This Form 8-K Current Report was filed by Ocean Power Technologies, Inc. (OPTT) on November 7, 2023, regarding events occurring on November 6, 2023. The filing announces the scheduling of the company's 2023 Annual Meeting of Stockholders.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses on corporate governance events rather than financial performance.
Material Changes and Corporate Events
- Annual Meeting Date: The Board of Directors scheduled the 2023 Annual Meeting for January 31, 2024, at 10:00 a.m. Eastern Time.
- Legal Compliance: The selected date adheres to a representation made to the Delaware Court of Chancery regarding ongoing litigation with Paragon Technologies, Inc., ensuring the meeting is not held before January 24, 2024.
- Record Date: The close of business on December 4, 2023, was fixed as the record date for determining stockholders entitled to notice and to vote.
- Historical Context: The 2022 Annual Meeting was originally held on December 14, 2022, but was adjourned to January 13, 2023, due to a lack of quorum.
Guidance, Outlook, and Risks
The filing does not contain financial guidance or management commentary on future business outlook. The primary risk noted is the ongoing litigation with Paragon Technologies, Inc., which influenced the scheduling of the Annual Meeting. Investors are directed to read the upcoming proxy statement for detailed information on matters to be considered at the meeting.
Important Facts for Investor Verification
- Verify the final date and time of the 2023 Annual Meeting (January 31, 2024).
- Confirm the record date for voting eligibility (December 4, 2023).
- Review the upcoming proxy statement for details on director elections and other proposals.
- Note the beneficial ownership of common stock by directors and executive officers as disclosed in the filing.