Ocean Power Technologies, Inc. (NASDAQ:OPTT) shares fell 21.69% in after-hours trading Thursday after the company announced a reverse stock split.
The stock closed Thursday’s regular session up 0.76% at $0.16. It then fell 21.69% to $0.13 in after-hours trading.
Ocean Power Technologies provides maritime operational infrastructure and autonomous ocean systems, including its PowerBuoy platforms and WAM-V unmanned surface vessels.
Reverse Stock Split
The company announced a 1-for-30 reverse stock split of its common stock on Thursday. Shares are expected to begin trading on a split-adjusted basis on the NYSE American at the market open on September 14, 2026.
Following the split, every 30 shares of outstanding common stock will be automatically combined into one share. No fractional shares will be issued; stockholders otherwise entitled to a fractional share will instead receive one whole share.
Immediately after the split becomes effective, the company expects approximately 9.1 million shares of common stock to be issued and outstanding.
The company said the split is being effected to increase the per-share price of its common stock, among other purposes, to improve its marketability and liquidity.
In connection with the split, the purchase price of the company’s preferred stock purchase rights under its Section 382 Tax Benefits Preservation Plan was adjusted from $2.25 to $67.50 per one one-thousandth of a share of Series A Participating Preferred Stock.
The company said further details will be included in a Form 8-K to be filed September 11, 2026.
Trading Metrics
Ocean Power Technologies has a market capitalization of $42.90 million.
The stock has a 52-week high of $0.72 and a 52-week low of $0.13.
Ocean Power Technologies shares are down 71.93% over the past year.
Benzinga’s Edge Stock Rankings show a negative price trend across the short-, medium- and long-term time frames.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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