Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
As previously disclosed, on March 3, 2020, Ocean Power Technologies, Inc. (the
"Company") received a notification from the Nasdaq Stock Market (the "Nasdaq")
indicating that the minimum bid price of the Company's common stock has been
below $1.00 per share for 30 consecutive business days and as a result, the
Company is not in compliance with the minimum bid price requirement for
continued listing. On April 20, 2020, the Company received a written notice (the
"Notice") from Nasdaq indicating that, as a result of the tolling of the bid
price requirements effective April 16, 2020, the period within which the Company
has to regain compliance has been extended from August 31, 2020 to November 13,
2020. The Company actively monitors the price of its common stock and will
consider all available options to regain compliance with the continued listing
standards of Nasdaq.
Item 7.01. Regulation FD Disclosure.
On April 20, 2020, the Company announced that the Company had begun production
of face shields for donation to first responders. Certain materials and
equipment was donated to the Company to enable them to produce the face shields.
More information regarding the face shields can be found on the Company's
website at
https://oceanpowertechnologies.com/helping-our-communities-fight-covid-19-stay-safe/.
In accordance with General Instruction B.2. of Form 8-K, the information
presented under this Item 7.01 shall not be deemed "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be
deemed incorporated by reference in any filing under the Securities Act of 1933,
as amended, except as expressly set forth by specific reference in such a
filing.
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