Ocean Power Technologies shares fell 6.8% in Monday's trading after the company announced its board has initiated a review of strategic alternatives to maximize stockholder value. The board said it will consider a full range of potential alternatives that could accelerate growth, expand market access, and strengthen its financial position, but did not disclose specific steps. Acting chairman Joseph Diguardo said the company has built a differentiated portfolio of intelligent maritime technologies and established a growing position across defense, security, and commercial markets, and that given increased demand for maritime technologies, this is an appropriate time to evaluate opportunities. The company has not set a timetable for completing the review and does not intend to disclose developments until the board approves a definitive course of action.
Ocean Power Technologies IncCompany announces strategic alternatives review, shares fall 6.8%.
