Ocean Power Technologies Enters $373,750 Promissory Note Financing with Vanquish Funding Group
Ocean Power Technologies, Inc. entered into a Securities Purchase Agreement with Vanquish Funding Group Inc. on November 2, 2026, issuing a 12% promissory note with aggregate principal of $373,750 (including $48,750 original issue discount) for a purchase price of $325,000. The note matures on October 30, 2027 and includes mandatory monthly payments totaling $418,600 over seven installments from April through October 2027. The financing includes a conversion feature allowing the lender to convert outstanding bal...
Key takeaways
Company issued $373,750 principal amount promissory note (net $325,000 after $48,750 original issue discount) to Vanquish Funding Group Inc.
Note carries 12% interest rate with total payback obligation of $418,600 across seven monthly payments from April through October 2027
Conversion feature allows lender to convert outstanding balance into common stock at 75% of the lowest trading price during 10 trading days preceding conversion (25% discount), with 4.99% beneficial ownership cap
Prepayment discounts available: 4% discount if prepaid within 60 days, 3% if prepaid within 61-120 days, 2% if prepaid within 121-180 days
Event of Default triggers immediate repayment at 150% of outstanding principal plus accrued interest, with potential escalation to 200% under certain conditions
Company responsible for $7,000 of lender's due diligence and legal fees; $18,000 fee payable to D. Boral Capital LLC out of proceeds
Additional financing tranches of up to $2,875,000 available over next twelve months subject to mutual agreement
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