Ocean Power Technologies Announces $1.2M Award From New Jersey Economic Development Authority (NJEDA) Net Operating Loss (NOL) Program
Portfolio Pulse from Benzinga Newsdesk
Ocean Power Technologies (OPTT) has received a $1.2 million award from the New Jersey Economic Development Authority's Net Operating Loss Program. This program allows businesses to sell their net operating losses and unused research and development tax credits to unrelated profitable corporations.
January 29, 2024 | 1:30 pm
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Ocean Power Technologies has been awarded $1.2 million from the NJEDA NOL Program, which could provide financial flexibility and support the company's operations or growth initiatives.
The $1.2 million award from the NJEDA NOL Program is likely to have a positive impact on OPTT's short-term financial position. This influx of cash can be used to support the company's operations, reduce debt, or fund growth initiatives. Investors may view this news as a sign of financial stability and potential for future growth, which could lead to a positive reaction in the stock price.
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