Ocean Power Technologies, Inc. announced it will effect a 1-for-30 reverse stock split of its common stock, effective at 5:00 p.m. Eastern Time on September 11, 2026. The action was approved by stockholders at a special meeting on September 10, 2026, and is intended to increase the per-share trading price of the company's stock.
Key Details
- Split Ratio: Every 30 shares of issued and outstanding common stock will be converted into one share of common stock.
- Timeline: The reverse split is effective September 11, 2026, and the stock will begin trading on a split-adjusted basis on the NYSE American on September 14, 2026.
- Impact on Shares: The number of issued and outstanding shares will be reduced from approximately 270.1 million to approximately 9.1 million. The number of authorized shares remains unchanged.
- Other Adjustments: Fractional shares will be rounded up to the nearest whole share. The company's new CUSIP number will be 674870605.