Item 1.01 Entry into a Material Definitive Agreement.

On February 1, 2021, Ocean Power Technologies, Inc. ("OPT" or the "Company") entered into a unit purchase agreement (the "Agreement") with Jose H. Vazquez, Bart D. Grasso and Frank D.M. Strachan IV (the "Sellers") pursuant to which the Company acquired from the Sellers all of the outstanding equity interest of 3dent Technology, LLC ("3dent"). 3dent is a Houston, Texas based company that offers offshore engineering and design services that are complementary to OPT's technology and products. In consideration for the purchase, the Company issued 331,961 shares of its common stock to the Sellers with an agreed value of $800,000. The Agreement includes a number of other standard representations, warranties, covenants and indemnification.

The foregoing description of the Agreement is qualified in its entirety by reference to the text of the Agreement, a copy of which the Company is filed herewith as Exhibit 10.1.

The Company issued a press release on February 2, 2021 announcing the entry into the Agreement, a copy of which is filed herewith as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.





(d) Exhibits



  10.1   Unit Purchase Agreement among Ocean Power Technologies, Inc., Jose H.
       Vazquez, Bart D. Grasso and Frank D.M. Strachan IV dated February 1,
       2021.

  99.1   Press Release issued by Ocean Power Technologies, Inc., dated February 2,
       2021.

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