Ocean Power Technologies Inc (NYSE-A:OPTT) (OPT) told investors that it is executing its commercialization-focused strategy as it moves away from research and development related to its marine power, data, and service solutions.
In a letter to shareholders ahead of its Annual Meeting of Stockholders to be held on January 31, 2024, OPT told investors to vote on the white proxy card to support the company’s proposals, which it said would allow its leadership team to continue delivering on its strategy.
Investors can vote on the white proxy card by telephone or the internet, or by signing, dating, and returning the card via mail in the postage-paid envelope provided.
“This may be the most important vote you have ever made regarding OPT and its future,” the company said in the letter.
It encouraged shareholders to discard any materials they may receive from activist investor Paragon Technologies.
It said that based on a November 30 ruling of the Delaware Court of Chancery, OPT will not be facing a contested director election at the meeting meaning any vote by shareholders for Paragon’s board nominees on the blue proxy card will not be counted.
“Paragon continues to make distracting and misleading statements regarding OPT’s performance, strategy, prospects, leadership, and corporate governance as it tries to pursue a self-interested and undisclosed agenda. We believe you should ignore this noise,” OPT said in the letter.