Ocean Power Technologies (OPTT) Proxy filing summary

Executive summary

• Initiated a strategic review to explore alternatives aimed at maximizing shareholder value, including potential transactions or partnerships.

• Retained Bowen, Inc. as financial advisor to assist in evaluating a full range of options to accelerate growth and strengthen financial position.

• Operations, customer commitments, and product support will continue without interruption during the review process.

• No timetable set for completion of the review, and no assurance of any transaction or agreement resulting from the process.

Voting matters and shareholder proposals

• Board of Directors is leading the strategic review process with the goal of maximizing value for stockholders.

Board of directors and corporate governance

• Board is actively considering a range of strategic alternatives and has not approved a definitive course of action.

• Joseph Diguardo is serving as Acting Chairman of the Board.

• Philipp Stratmann is President and CEO, signing off on official filings.