![]() Paragon and its principal Sham Gad first wrote to us on May 19, 2023, demanding that we add the three Paragon directors to our Board. Having reviewed Paragon’s track record targeting other public companies, we strongly believe that Paragon’s ultimate goal is to take control of OPT and its assets without paying our shareholders a control premium. ![]() We believe Paragon is seeking to advance a self-interested agenda, to the detriment of all other OPT shareholders. We are disappointed that Paragon has elected to publicly make distracting and misleading statements regarding OPT’s performance, strategy, leadership, and corporate governance, and is now threatening a costly and distracting proxy contest against the Company. We have been executing a clear, long-term growth strategy that has yielded a significant increase in defense and security bookings during fiscal 2023, and we continue to see commercial opportunities and growing interest from offshore wind companies for autonomous monitoring, surveillance, and survey-related services during various stages of the project development cycle. Our Board and leadership team are committed to driving sustainable value creation and we will continue to take decisive actions to protect the best interests of all our shareholders. (“OPT” or the “Company”) (NYSE American: OPTT), a leader in innovative, cost-effective, and autonomous low-carbon marine data, power, and consulting service solutions, today issued the following statement in response to the recent public letter issued by Paragon Technologies, Inc. MONROE TOWNSHIP, N.J.-( BUSINESS WIRE)-The Board of Directors (the “Board”) of Ocean Power Technologies, Inc.
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