Ocean Power Technologies' Annual Meeting Delayed Again Amid Shareholder Quorum Shortfall, Paragon Urges Action
Portfolio Pulse from Benzinga Newsdesk
Ocean Power Technologies (OPTT) has postponed its annual meeting for the third time until February 28, 2024, due to a lack of quorum. Paragon, led by Chairman and CEO Sham Gad, criticizes OPTT for its poor financial results and board actions, suggesting a disconnect with shareholders. Paragon is also investigating the legality of the meeting's adjournment under SEC rules.

February 09, 2024 | 7:00 am
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OPTT's repeated postponement of its annual meeting due to a lack of quorum reflects negatively on its corporate governance and may indicate deeper issues with shareholder satisfaction and financial performance.
The inability to achieve a quorum for its annual meeting suggests a significant level of shareholder disengagement or dissatisfaction, which is often a red flag for investors. This situation, coupled with the criticism from Paragon regarding OPTT's financial performance and board actions, could lead to negative sentiment among investors and potentially impact the stock price negatively in the short term.
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IMPORTANCE 80
RELEVANCE 90