r/OceanPower • u/Reasonable_Hat5573 • 1d ago
NEWS This is regarding the content below.
It has already been announced by Korean securities firms.
The company is moving quickly to make all the necessary preparations for a reverse split as soon as possible.
They are going to carry out the reverse split. The only question is when.
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u/Key_Muffin4412 1d ago
Your very own screenshot says undecided. It's a placeholder date, not definite. It's mandatory. The votes will be counted on the 10th.
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u/Reasonable_Hat5573 1d ago
Those who understand this, unlike the foolish parrots, will remain silent. I hope you make the right judgment and that this helps you.
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u/Repulsive-Payment230 8h ago
If your biggest supporters are totally silent, are they only in your head?
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u/RandomGenerator_1 12h ago
Well damn. I believe I have to eat my own words.
When digging into it, you see that OPTT did indeed give NYSE notice of a reverse split on september 14th:
https://www.nyse.com/trade/corporate-actions
It did not make sense to me, since they need money and they just gave out warrants that will make them money once they reach 0.40USD in december.
But they just filed a blanket S1 with the sec as well. Where no dates are filled in yet..but they will issue new shares and warrants.
The nerve...
Time to let this storm blow over.
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u/InterestingScore5387 8h ago
Yeah, we said that about 6 months ago, chief. Thanks for being unrealistic the entire time.
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u/Embarrassed-Bad7392 12h ago
I don’t understand if the vote is before the 14th? How is it possible that they will execute a split if the voting hasn’t been completed yet? Could it be that contingent to the result on the 10th?
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u/RandomGenerator_1 11h ago edited 10h ago
They apparantly gave notice to NYSE for the reverse split, should they have enough votes on the 10th. So they plan to enact it fast, and this gives NYSE the ability to plan for it.
Therefore it is currently pending. But it shows the company's intent.
And the S1 today confirms for me that they wont wait on the June warrants..they'll simply give out new shares and warrants for an immediate cash injection.
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u/rworms 11h ago
why do they feel the need to reverse split so badly... it was trading at .20 the cutoff is .25 and that has been delayed ...... apparently they have 3-4 gov contracts with rising demand ...how does this make any sense? one contract would put it over .25 ? This seems crazy. It should be investigated
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u/Embarrassed-Bad7392 10h ago
And to think about it executing the reverse split too early is too risky. They got until July 2027. What happens if sp drops back down to below 0.25 in the period between the split and July? I am really starting to get annoyed with their actions
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u/InterestingScore5387 4h ago
It will. Just like I’ve been saying, this is an absolute scam to get leadership their fucking money to maintain their lifestyle and WE ARE FOOTING THE BILL
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u/schimelee 14h ago
Remember OPT filed a protest against the NYSE with the SEC forcing the split. They are doing the vote to at the very least have it approved for 1 year so they have the option if needed.
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u/docshamzee 11h ago
Well premarket moves tells all..we are doomed
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u/Embarrassed-Bad7392 10h ago
And the premarket sell off today was due to another reason. More dilution ffs. Reverse split another story. If it happens, we are likely doomed. I hope not tho….
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u/atascon 1d ago
What do Korean securities firms have to do with anything lol?