Delaware Chancery Court Cites the Disconnect Between Ocean Power Technologies Financial Picture and Its Public Statements - Seite 2

On November 14, OPT issued a press release announcing an "Action Plan to Achieve Profitability by Calendar Year 2025." Interestingly, this purported action plan provides no action items or plan specifics but simply a headline far out into the future.

Worse yet, OPT conveniently states that the expectation of profitability "does not account for extraordinary expenses that could cause OPT to seek additional capital from financing sources."

Yet again, rather than address the financial problems that OPT is facing now and how to address them today, CEO Stratmann asks shareholders to wait two years for possible profits AND states that those potential profits will likely require more capital, capital that will likely come at the expense of shareholders through further equity dilution.

OPT continues to pitch a narrative to shareholders that contradicts the financial results borne by the Company and the financial losses likely experienced by almost all OPT shareholders who have held shares for any period of time.

We believe OPT's Board is misleading its shareholders by articulating a false narrative of the true state of the business that does not match up with the real picture being borne out by the financial results. The Delaware Chancery Court, an unbiased judicial body, also found a disconnect between OPT's public statements and its actual results.

Paragon calls on OPT to honor its expressly stated words to OPT shareholders that the Company will take decisive actions to protect the best interests of all our shareholders by immediately announcing a drastic and significant cost cutting plan that will lead to the timely occurrence of cash flow break even AND require OPT no longer issuing any equity to fund operations or assume any other sources of external funding.

We appreciate the support from shareholders thus far. If shareholders have any questions, please contact our Proxy Solicitor, Alliance Advisors at:

Alliance Advisors
200 Broadacres Drive, 3rd Floor
Bloomfield, NJ 07003
Toll-Free Phone: [phone]
Email: [e-mail]

Please email us at [e-mail] if you would like to learn more.

Paragon Technologies, Inc., together with the other participants named herein, intends to make a filing with the Securities and Exchange Commission (the "SEC") of a proxy statement and an accompanying proxy card to be used to solicit votes for the election of director nominees at the 2023 annual meeting of shareholders of Ocean Power Technologies, Inc., a Delaware corporation (the "company").