Ocean Power Technologies Receives Non-Compliance Notice From NASDAQ
Jan 16 15
On January 14, 2015, Ocean Power Technologies, Inc. received a letter from the staff of The NASDAQ Stock Market LLC ("Nasdaq") providing notification that, for the previous 30 consecutive business days, the bid price for the Company's common stock had closed below the minimum $1.00 per share requirement for continued on The Nasdaq Global Market under Nasdaq Rule 5450(a)(1). This notification letter does not impact the Company's on the Nasdaq Global Market at this time. In accordance with Nasdaq Rule 5810(c)(3)(A)(i), the Company has been provided an initial period of 180 calendar days, or until July 13, 2015, to regain compliance. If at any time before July 13, 2015, the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, the Staff will provide the Company with written confirmation of compliance. If the Company does not regain compliance with Rule 5450(a)(1) by July 13, 2015, the Company may be eligible for an additional 180 calendar days compliance period. To qualify, the Company would be required to meet the continued requirement for market value of publicly held shares and all other initial standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and would need to provide written notice of its intention to cure the deficiency during the second compliance period. However, if it appears to the Staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, the Staff would notify the Company that its securities would be subject to delisting. In the event of such notification, the Company may appeal the Staff's determination to delist its securities, but there can be no assurance the Staff would grant the Company's request for continued. The Company is actively monitoring the bid price of its common stock and its minimum market value of securities and will any and all options available to it to achieve compliance, including, without limitation, effecting a reverse stock split. In the case of a delisting, the Company's shares could be eligible for trading on the Over The Counter Bulletin Board (OTCBB) interdealer quotation system.
Ocean Power Technologies, Inc Appoints George H. Kirby as President, Chief Executive Officer and Director, Effective January 20, 2015
Jan 5 15
Ocean Power Technologies, Inc. announced that its Board of Directors has appointed George H. Kirby as President, Chief Executive Officer (CEO) and Director, effective January 20, 2015. He was most recently Senior Vice President for the energy business unit at AECOM Technology Corporation.
Ocean Power Technologies, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended October 31, 2014
Dec 10 14
Ocean Power Technologies, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended October 31, 2014. For the quarter, the company reported revenues of $1,747,788 against $463,608 a year ago. Operating loss was $4,183,653 against $3,417,709 a year ago. Net loss attributable to the company was $4,369,694 or $0.25 basic and diluted per share against $3,270,557 or $0.31 basic and diluted per share a year ago. The increase in revenue is primarily related to increased billable work for the removal of the anchoring and mooring equipment from the seabed off the coast of Oregon and increased billable work under the current phase of project with Mitsui Engineering & Shipbuilding (MES). These increases were partially offset by decreased revenue on WavePort contract with EU for project in Spain that was completed during the three months ended July 31, 2014.
For the six months, the company reported revenues of $3,288,316 against $924,535 a year ago. Operating loss was $7,653,206 against $7,235,862 a year ago. Net loss attributable to the company was $7,652,446 or $0.44 basic and diluted per share against $7,020,527 or $0.67 basic and diluted per share a year ago. Net cash used in operating activities was $12,110,977 against $6,483,460 a year ago. Purchases of equipment were $10,896 against $21,191 a year ago. The increase in the company's net loss year-over-year primarily reflects increased estimated project costs associated with contract with MES, increased legal fees as noted previously as well as higher consulting and patent amortization costs. These increases were partially offset by decreased product development costs due to the substantial completion of cost-sharing contract with the US Department of Energy (DOE), for Reedsport project in Oregon and decreased costs associated with other internally funded development, in addition to accounting fees and decreased employee related costs.