Paragon Technologies Recommends Ocean Power Shareholders Vote AGAINST Its Plan To Increase Its Authorized Shares By 100M
Portfolio Pulse from Benzinga Newsdesk
Paragon Technologies, a major shareholder of Ocean Power Technologies (OPTT), advises shareholders to vote against OPTT's proposal to increase authorized shares by 100 million. OPTT's fiscal 2024 results show a loss of $27.4 million, up from $26.3 million in fiscal 2023.
July 26, 2024 | 8:34 pm
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NEUTRAL IMPACT
Paragon Technologies, a major shareholder of Ocean Power Technologies, advises against increasing OPTT's authorized shares by 100 million.
While Paragon Technologies' recommendation may influence OPTT's stock, it is unlikely to have a significant direct impact on PGNT's stock price.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
Paragon Technologies advises against increasing Ocean Power Technologies' authorized shares by 100 million. OPTT reported a $27.4 million loss for fiscal 2024, up from $26.3 million in fiscal 2023.
The recommendation from a major shareholder to vote against increasing authorized shares, combined with worsening financial results, is likely to negatively impact OPTT's stock price in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100