Ocean Power Technologies issues $373,750 12% promissory note to Vanquish Funding Group
OPTT•Ocean Power Technologies issued a $373,750 promissory note to Vanquish Funding Group at 12% interest. It received a $325,000 purchase price after a $48,750 original issue discount, with proceeds designated for general working capital.
1. Note terms
The note, issued under a Nov. 2, 2026 financing agreement, matures Oct. 30, 2027. The agreement allows for up to $2.88 million in additional financing over 12 months, subject to further agreement.
2. Default provisions
A continuing default triggers immediate repayment at 150% of outstanding principal, accrued interest and other applicable amounts. Following a continuing default, conversion is permitted after 180 days at 75% of the lowest closing bid over the preceding 10 trading days.
