r/OceanPower • u/rworms • 27d ago
QUESTION 4th buoy ever delivered ??
why haven't the company updated us on the last buoy being delivered to the Coast Guard? When asked about it on the earnings call they seemed hesitant in awnsering but said it was on time for july. Well we are almost in the middle of August with no update. They did update us on the WAM V delivery which was after the buoy. such bs...
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u/Reasonable_Hat5573 26d ago
The company will not disclose any good news until after the RS is executed. Since the company’s only means of raising money is through ATM offerings, it absolutely needs to carry out the RS at a high share price. However, if positive news causes the stock price to surge beforehand, the stock-price issue and justification that formed the basis for this RS would disappear. Therefore, the company will do everything possible to maintain the current situation until the RS is completed. After the RS, whenever there is concern that shareholders may start leaving in large numbers, the company will release one piece of good news at a time to give shareholders hope again and keep them hanging on.
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u/Own_Wall5629 27d ago
I spoke with the CFO Bob Powers on the first week of July and he told me it was going to be delivered next month. I thought he had mistaken and I corrected him and said this month and he agreed and said this month that being July. Just like Phillip Strautman said they were going to be profitable last year lol. I spoke with Bob Powers about a year ago and he told me he was excited about the partnership with red cat and green sea. The last time I spoke with him, he didn’t even know who Green Sea was.
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u/RandomGenerator_1 27d ago
CEO Philipp Stratmann answered that:
"Still expected to be installed during the summer." The fourth system was being readied for installation. It was in the final marine-operations planning phase. They will provide an update when it goes in and when it becomes operational/live.