<SEC-DOCUMENT>0001493152-23-024275.txt : 20230712
<SEC-HEADER>0001493152-23-024275.hdr.sgml : 20230712
<ACCEPTANCE-DATETIME>20230711175612
ACCESSION NUMBER:		0001493152-23-024275
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230712
DATE AS OF CHANGE:		20230711

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ocean Power Technologies, Inc.
		CENTRAL INDEX KEY:			0001378140
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				222535818
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33417
		FILM NUMBER:		231082904

	BUSINESS ADDRESS:	
		STREET 1:		28 ENGELHARD DRIVE
		STREET 2:		SUITE B
		CITY:			MONROE TOWNSHIP
		STATE:			NJ
		ZIP:			08831
		BUSINESS PHONE:		609-730-0400

	MAIL ADDRESS:	
		STREET 1:		28 ENGELHARD DRIVE
		STREET 2:		SUITE B
		CITY:			MONROE TOWNSHIP
		STATE:			NJ
		ZIP:			08831

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ocean Power Technologies, INc.
		DATE OF NAME CHANGE:	20061012
</SEC-HEADER>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Washington,
DC 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>SCHEDULE
14A</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proxy Statement Pursuant to Section 14(a) of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Amendment No. )</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed by the Registrant
</FONT>&#9746;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed by a Party other
than the Registrant </FONT>&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9744;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary Proxy Statement </FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9744;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9744;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Proxy Statement </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9744;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Additional Materials </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9746;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting Material Pursuant to &sect;240.14a-12</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt; text-transform: uppercase"><B>OCEAN
POWER TECHNOLOGIES, Inc.</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt; text-transform: uppercase"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">(Name of Registrant as
Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center">(Name of Person(s) Filing Proxy Statement, if other
than the Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Payment of Filing Fee (Check all boxes that apply):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No fee required</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9744;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee paid previously with preliminary materials</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9744;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Ocean Power Technologies, Inc., a Delaware corporation
(&ldquo;<U STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPT</U>&rdquo;), is filing materials contained in this Schedule 14A with the U.S. Securities and Exchange Commission (&ldquo;<U STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC</U>&rdquo;)
in connection with OPT&rsquo;s solicitation of proxies from its stockholders in connection with its 2023 Annual Meeting of Stockholders
and at any and all adjournments, postponements, continuations, and reschedulings thereof (the &ldquo;<U STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023 Annual Meeting</U>&rdquo;).
OPT has not filed a preliminary or definitive proxy statement with the SEC in connection with its solicitation of proxies to be used at
the 2023 Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release Issued on July 11, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Attached hereto is a press release, issued by OPT
on July 11, 2023, responding to recent public comments made by Paragon Technologies, Inc. This press release is being filed herewith because
it may be deemed to be solicitation material in connection with OPT&rsquo;s solicitation of proxies to be used at the 2023 Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Important Additional Information And Where To Find
It</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">OPT intends to file a proxy statement and an accompanying
<B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHITE</U></B> proxy card with the SEC in connection with the solicitation of proxies from OPT&rsquo;s stockholders in connection
with the matters to be considered at the 2023 Annual Meeting. <B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVESTORS AND STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ ANY SUCH PROXY
STATEMENT AND THE ACCOMPANYING <U STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHITE</U> PROXY CARD AND OTHER DOCUMENTS FILED BY OPT WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN
THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION.</B> Stockholders will be able to obtain the Proxy Statement, any amendments
or supplements to the Proxy Statement, the accompanying <B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHITE</U></B> proxy card, and other documents filed by OPT with the SEC
free of charge at the SEC&rsquo;s website at www.sec.gov. Copies will also be available free of charge at the Investor Relations section
of OPT&rsquo;s corporate website at www.oceanpowertechnologies.com, by writing to OPT&rsquo;s Corporate Secretary at Ocean Power Technologies,
Inc., 28 Engelhard Drive, Suite B, Monroe Township, NJ 08831, or by contacting OPT at (609) 730-0400.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Participant Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">OPT, members of its Board of Directors,
and certain of its executive officers are &ldquo;participants&rdquo; in the solicitation of proxies from OPT&rsquo;s stockholders in
connection with the 2023 Annual Meeting. The following directors and executive officers of OPT beneficially hold the amount of shares
of OPT&rsquo;s common stock indicated adjacent to his or her name: (i) OPT directors: Terence J. Cryan (103,653 shares), Philipp Stratmann
(81,635 shares), Clyde W. Hewlett (71,577 shares), Natalie Lorenz-Anderson (52,448 shares), Diana G. Purcel (71,577 shares), and
Peter E. Slaiby (71,577 shares); and (ii) OPT officers who are not also directors of OPT: Robert Powers (16,543 shares) and Joseph DiPietro
(2,409 shares). The business address for each of the foregoing persons is c/o Ocean Power Technologies, Inc., 28 Engelhard Drive, Suite
B, Monroe Township, NJ 08831. Additional information regarding OPT&rsquo;s directors, executive officers, and other participants in the
solicitation of proxies from OPT&rsquo;s stockholders in connection with the matters to be considered at the 2023 Annual Meeting, and
their direct or indirect interests, through security holdings or otherwise, will be set forth in OPT&rsquo;s proxy statement for its
2023 Annual Meeting, including the schedules and appendices thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ocean Power Technologies Issues Statement in Response
to Paragon Technologies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Highlights Long-Term Growth Strategy Driving Impressive
Results and Strength of the Company&rsquo;s Highly Qualified, Recently Refreshed Six-Member Board</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Shareholder Action Required at This Time</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">MONROE TOWNSHIP, N.J., July 11, 2023 &ndash; The Board
of Directors (the &ldquo;Board&rdquo;) of Ocean Power Technologies, Inc. (&ldquo;OPT&rdquo; or the &ldquo;Company&rdquo;) (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. (&ldquo;Paragon&rdquo;) (OTC Pink:
PGNT):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">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.
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">We are disappointed that Paragon has elected
to publicly make distracting and misleading statements regarding OPT&rsquo;s performance, strategy, leadership, and corporate governance,
and is now threatening a costly and distracting proxy contest against the Company. We believe Paragon is seeking to advance a self-interested
agenda, to the detriment of all other OPT shareholders. Having reviewed Paragon&rsquo;s track record targeting other public companies,
we strongly believe that Paragon&rsquo;s ultimate goal is to take control of OPT and its assets without paying our shareholders a control
premium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">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. To ensure it could exercise immediate control
of 50% of our Board, Paragon also demanded that we ask any three of our incumbent directors to resign in advance of the expiration of
their terms. Since then, we have sought to constructively engage with Paragon, and on June 6, 2023, we offered to arrange for our Nominating
and Corporate Governance Committee to review Paragon&rsquo;s director candidates to assess their qualifications, including &ndash; given
that the U.S. Government represents a large portion of our business &ndash; whether there were any issues in their backgrounds that could
impede either their ability to receive U.S. Government security clearances or OPT&rsquo;s access to classified information. We also provided
Mr. Gad with director &amp; officer questionnaires to be completed by him and the other two Paragon directors. Mr. Gad&rsquo;s response
was to be completely dismissive of our Board&rsquo;s vetting and governance processes. Instead, Mr. Gad demanded we simply agree to appoint
him and the two other Paragon board members to our Board. Only after that would Paragon be open to having us vet and interview any of
its candidates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Our Board is actively engaged in overseeing
management&rsquo;s execution of the Company&rsquo;s strategy and is comprised of six highly qualified directors, five of whom have been
appointed in the last three years. Our directors possess expertise and skills across areas critical to OPT&rsquo;s business and future
success, including relevant industry, technology, IT, cyber, marketing, finance, and governance expertise. Our directors also have significant
executive and public company board experience. We regularly evaluate our Board composition to ensure it reflects the appropriate skills
and experience necessary to drive profitable growth and enhanced value for all OPT shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">While we believe we are executing the right
strategy to enhance value for all our shareholders, our Board and management team are always open to shareholder input. Unfortunately,
we do not believe Paragon or Mr. Gad are genuinely interested in engaging around alternative strategies for improving the Company and
shareholder returns, which is evident by the continuation of Paragon&rsquo;s misleading public comments as well as its unwillingness to
allow us to vet and interview its director candidates. Even if one were to discount Paragon&rsquo;s past history targeting other public
companies and take its comments regarding our business at face value, Paragon ignores the fact that our long-term growth strategy is working,
as demonstrated by material year-over-year increases in both orders and revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The 2023 Annual Meeting of Shareholders has not yet
been scheduled and OPT shareholders are not required to take any action at this time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">About Ocean Power Technologies, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">OPT provides intelligent maritime solutions
and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and
research, and offshore wind markets. Our PowerBuoy&reg; platforms provide clean and reliable electric power and real-time data communications
for remote maritime and subsea applications. We also provide WAM-V&reg; autonomous surface vehicles (ASVs) and marine robotics services
through our wholly owned subsidiary Marine Advanced Robotics. We are headquartered in Monroe Township, New Jersey, and have offices in
Houston, Texas, and Richmond, California. To learn more, visit <U>www.OceanPowerTechnologies.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">This release contains forward-looking statements
that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified
by certain words or phrases such as &ldquo;may&rdquo;, &ldquo;will&rdquo;, &ldquo;aim&rdquo;, &ldquo;will likely result&rdquo;, &ldquo;believe&rdquo;,
&ldquo;expect&rdquo;, &ldquo;will continue&rdquo;, &ldquo;anticipate&rdquo;, &ldquo;estimate&rdquo;, &ldquo;intend&rdquo;, &ldquo;plan&rdquo;,
&ldquo;contemplate&rdquo;, &ldquo;seek to&rdquo;, &ldquo;future&rdquo;, &ldquo;objective&rdquo;, &ldquo;goal&rdquo;, &ldquo;project&rdquo;,
&ldquo;should&rdquo;, &ldquo;will pursue&rdquo; and similar expressions or variations of such expressions. These forward-looking statements
reflect the Company&rsquo;s current expectations about its future plans and performance. These forward-looking statements rely on a number
of assumptions and estimates that could be inaccurate and subject to risks and uncertainties. Actual results could vary materially from
those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company&rsquo;s most recent Forms
10-Q and 10-K and subsequent filings with the U.S. Securities and Exchange Commission for further discussion of these risks and uncertainties.
The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after
the date of this release.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Important Additional Information And Where To Find
It</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">OPT intends to file a proxy statement and an accompanying
<B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHITE</U></B> proxy card with the SEC in connection with the solicitation of proxies from OPT&rsquo;s stockholders in connection
with the matters to be considered at OPT&rsquo;s 2023 Annual Meeting of Stockholders (the &ldquo;2023 Annual Meeting&rdquo;). <B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVESTORS
AND STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ ANY SUCH PROXY STATEMENT AND THE ACCOMPANYING <U STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHITE</U> PROXY CARD AND OTHER DOCUMENTS
FILED BY OPT WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION.</B> Stockholders
will be able to obtain the Proxy Statement, any amendments or supplements to the Proxy Statement, the accompanying <B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHITE</U></B>
proxy card, and other documents filed by OPT with the SEC free of charge at the SEC&rsquo;s website at www.sec.gov. Copies will also be
available free of charge at the Investor Relations section of OPT&rsquo;s corporate website at www.oceanpowertechnologies.com, by writing
to OPT&rsquo;s Corporate Secretary at Ocean Power Technologies, Inc., 28 Engelhard Drive, Suite B, Monroe Township, NJ 08831, or by contacting
OPT at (609) 730-0400.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Participant Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">OPT, members of its Board of Directors, and certain
of its executive officers are &ldquo;participants&rdquo; in the solicitation of proxies from OPT&rsquo;s stockholders in connection with
the 2023 Annual Meeting. The following directors and executive officers of OPT beneficially hold the amount of shares of OPT&rsquo;s common
stock indicated adjacent to his or her name: (i) OPT directors: Terence J. Cryan (103,653 shares), Philipp Stratmann (81,635 shares),
Clyde W. Hewlett (71,577 shares), Natalie Lorenz-Anderson (52,448 shares), Diana G. Purcel (71,577 shares), and Peter E. Slaiby (71,577
shares); and (ii) OPT officers who are not also directors: Robert Powers (16,543 shares) and Joseph DiPietro (2,409 shares). The business
address for each of the foregoing persons is c/o at Ocean Power Technologies, Inc., 28 Engelhard Drive, Suite B, Monroe Township, NJ 08831.
Additional information regarding OPT&rsquo;s directors, executive officers, and other participants in the solicitation of proxies from
OPT&rsquo;s stockholders in connection with the matters to be considered at the 2023 Annual Meeting, and their direct or indirect interests,
through security holdings or otherwise, will be set forth in OPT&rsquo;s proxy statement for its 2023 Annual Meeting, including the schedules
and appendices thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contact Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">609-730-0400 x401</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><U>InvestorRelations@oceanpowertech.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Media</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">609-730-0400 x402</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><U>MediaRelations@oceanpowertech.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Longacre Square Partners</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Dan Zacchei / Rebecca Kral</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><U>dzacchei@longacresquare.com</U> /
<U>rkral@longacresquare.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&nbsp;</P>


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