Paragon technologies calls on ocean power technologies to remove entrenchment devices in advance of 2023 annual meeting

Easton, pa / accesswire / august 25, 2023 / paragon technologies, inc. ("paragon") (otc:pgnt), a diversified holding company which owns approximately 4.0% of the outstanding shares of ocean power technologies, inc. ("company") ("opt") (nyse american: optt), calls on opt to remove the company's entrenchment devices prior to the company's 2023 annual meeting. immediately after paragon indicated its interest in joining the company's board due to concerns paragon expressed about opt's deteriorating financial performance to the company's ceo and board, opt quickly amended its bylaws to make its director nomination provisions more burdensome and include provisions that opt has not applied to its own hand-picked board nominees.
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