Ocean Power Technologies has regained compliance for continued listing of its securities on the NASDAQ Stock Market.
The company has received written notification from the Nasdaq Hearings Panel that it now complies with the minimum shareholders’ equity rule and with all other applicable standards.
To remind, in April this year, OPT completed its public offering of common stock, pre-funded warrants and common warrants, raising approximately $15.7 million in net proceeds.
In March, the company reported net loss for the third quarter of fiscal 2019 of $2.6 million, compared to a net loss of $1.7 million for the prior-year period.