On February 1, 2024, Ocean Power Technologies Inc announced that on January 31, 2024, the judge in Paragon Technologies Inc?s books and records litigation against Company confirmed that Paragon is entitled to review materials relating to Company?s decision to adopt a poison pill and bylaw changes that created new, burdensome advance notice provisions after Paragon informed the Company of its intent to seek board representation. After having significant NOLs for over 30 years, the Company board decided to adopt an NOL poison pill only after Paragon began its campaign for change. This led the Delaware court to previously conclude that the context and timing of the bylaw amendments and poison pill suggest that thwarting Paragon was the board?s primary basis or driving purpose for such actions.

In addition, the Company stated that postponed its annual meeting due to inability to obtain a quorum, Company?s failure to obtain a quorum for its 2023 annual meeting reflects disapproval from shareholders related to Company?s financial results and board actions, and after months of soliciting shareholders and moving its 2023 annual meeting into 2024.