On April 12, 2024, Paragon Technologies, Inc. filed a complaint in the Delaware Court of Chancery alleging Ocean Power Technologies, Inc. failed to achieve a quorum at its 2023 annual meeting of stockholders held on February 28, 2024. Paragon Technologies? Chairman, Sham Gad, stated that after postponing the Company annual meeting twice for failing to achieve a quorum, the Company filed notice with the Securities and Exchange Commission on March 2, 2024, announcing it claimed annual meeting results.

Sham Gad added that based on the voting tally published in that 8-K filing, every single proposal including auditor ratification shows only 49.5% of shareholders voted, below the 50.1% needed for a quorum. Sham Gad stated that despite the endless entrenchment actions taken by the Company?s board of directors over the past year, the board failed at the simple task of filing a Form 8-K demonstrating a quorum. Paragon Technologies stated that if Paragon Technologies?

claims are upheld, the Company?s claimed annual meeting results could be declared invalid, and a new annual meeting ordered. Paragon Technologies is also asking the court to appoint a Magistrate in Chancery or special master to oversee a new annual meeting of shareholders.