Ocean Power Technologies said Thursday it will implement a 1-for-30 reverse stock split, with split-adjusted trading beginning Sept. 14. Each 30 shares will be consolidated into one share, while shareholders' proportional ownership will remain unchanged, and outstanding warrants and other derivatives will be adjusted automatically to reflect the reverse split. The company expects approximately 9.1M shares to be outstanding following the split. The reverse split also increases the purchase price under the company's preferred stock rights plan to $67.50 from $2.25 per one-thousandth of a Series A Participating Preferred share.
Ocean Power Technologies IncOcean Power Technologies announced a 1-for-30 reverse stock split, a capital-structure event with no clear positive or negative fundamental impact.
