Business Context and Reporting Period
This Form 8-K Current Report was filed by Ocean Power Technologies, Inc. on July 22, 2013. The filing addresses a corporate governance event regarding the departure of a director.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is limited to Item 5.02 regarding officer departures and does not contain financial statements.
Material Changes
On July 22, 2013, Bruce A. Peacock notified the Company of his decision to retire as a director. His retirement is effective as of the Company's 2013 annual meeting of stockholders, expected to be held on October 3, 2013. Mr. Peacock will not stand for re-election. The Company stated that this retirement is not the result of any disagreement with the Company on matters relating to its operations or practices.
Guidance, Outlook, and Risks
The filing contains no management commentary, financial guidance, outlook, or discussion of risks and contingencies beyond the standard disclosure regarding the director's departure.
Investor Verification Checklist
- Confirm the date of the 2013 annual meeting of stockholders to verify the effective date of Mr. Peacock's retirement.
- Review the Company's proxy statement for the 2013 annual meeting to identify the slate of director nominees replacing Mr. Peacock.
- Verify if there are any other pending governance changes or executive departures not disclosed in this specific filing.