Ocean Power Technologies takes $325,000 in funding via 12% note with Vanquish
On November 2, 2026, Ocean Power Technologies entered a Securities Purchase Agreement with Vanquish Funding Group and issued a 12% promissory note with a principal of $373,750 for a purchase price of $325,000, with up to $2,875,000 in additional tranches possible over the next twelve months, subject to further agreement. The note's conversion feature applies only after an Event of Default, at 75% of the lowest closing bid price over the prior ten trading days, which could lead to dilution for shareholders.
Key points
- Note principal of $373,750 issued for a $325,000 purchase price, including a $48,750 original issue discount; matures October 30, 2027
- Up to $2,875,000 in additional financing tranches possible over the next twelve months, subject to further agreement
- Conversion into common stock is possible only after an Event of Default and not before 180 days after issuance, at 75% of the lowest closing bid price over the prior ten trading days
- On default, the company must pay 150% of outstanding amounts plus collection costs; the company is responsible for $7,000 of Vanquish's fees
The filing
Written by AI on Nov 9, 2026, 10:08 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 03, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.