Ocean Power Technologies, Inc. announced that the Company?s 2023 Annual Meeting of Shareholders was convened on, January 31, 2024, and adjourned, without any business being conducted, because the quorum required by the Company?s Bylaws (a majority of the shares of the Company?s common stock issued and outstanding) was not obtained. The adjournment will provide the Company?s shareholders with additional time to vote. The Company will continue to solicit shareholders to vote on the Company?s proxy card, including for the election of the Company Board of Directors?

6 qualified and experienced director nominees. The Company stated that it believes that had Paragon caused its shares to be present at the 2023 Annual Meeting, a quorum would have been achieved. The Company expressed that Paragon?s deliberate actions to block the Company?s ability to reach a quorum at the 2023 Annual Meeting are highly disappointing.

Not only will this maneuver force the Company to incur additional costs of soliciting more proxies, but also will unnecessarily cause management to divert attention and resources away from executing on its strategy for enhancing shareholder value. Further, the Company stated that both leading independent proxy advisory firm?s Institutional Shareholder services, Inc and Glass, Lewis & co. recommended the Company shareholders vote only on the Company proxy card for all of the Company?s board nominees.