Ocean Power board responds to letter by Paragon

The Board of Directors of Ocean Power Technologiesy issued a statement in response to the recent public letter issued by Paragon Technologies. The letter said, “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 believe Paragon is seeking to advance a self-interested agenda, to the detriment of all other OPT shareholders. 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”. The letter ended, “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’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’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. The 2023 Annual Meeting of Shareholders has not yet been scheduled and OPT shareholders are not required to take any action at this time.”