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Tag: NASDAQ: OPTT

  • 3 Reasons Why Ocean Power Technologies Inc [OPTT] Could Test $4 Short-term

    3 Reasons Why Ocean Power Technologies Inc [OPTT] Could Test $4 Short-term

    1. A $12.5 Million Liquidity Boost

    Ocean Power Technologies [NASDAQ: OPTT] recently agreed with Aspire Capital Fund, LLC on a stock deal where Aspire will buy common stock worth approximately $12.5 million. The deal will be for 30 months and will enable Ocean Power to get funds to purchase new equipment and machinery like PowerBuoys to meet potential energy demands. OPT is now set to initiate new projects as well as advancing the existing ones. The new projects will enhance service delivery hence allowing the company to get new opportunities and expanding its market base. The company’s President and Chief Executive George H. Kirby expressed his excitement following this development that will see OPT access capital on flexible terms and a cost-effective basis.

    1. Resilient Quarterly Results

    Ocean Power Technologies recently announced its financial results for the first quarter of the fiscal year 2021 that ended July 31, 2020. From the results, the company has made significant milestones in terms of acquiring new machinery and equipment as well as adopting new technologies that have enhanced its operations.  It has also opened new offices in a new location that will see better administration and corporate services.  The company’s revenue for that quarter was $0.2 million. This result was flat as compared to the fiscal year 2020 of the same period. OPT derived revenue for the fiscal year 2021 mainly from Enel Green Power Project while it had derived revenue for the same period in the previous year from Premier Oil and U.S. navy projects.

    1. Company is Expanding Its Team

    The company recently announced the addition of a new commercial team member, Gilar Prakoso, to represent the company in the Asia Pacific region. Gilar Prakoso is based in Jakarta, Indonesia, OPT’s President George Kirby, supported the move saying that this will help OPT expand their market and further promote OPT’s capabilities. He further noted that Gilar’s connections and relationships with local maritime agencies and industries will play a crucial role in helping OPT grow its customer base and establish regional partnerships and relationships. OPT is committed to providing maritime solutions such as protecting territorial waters, prevention, and supporting oil well decommissioning as well as curbing illegal fishing.  There was a need therefore to establish such relations.

    About Ocean Power Technologies Inc

    Ocean Power Technologies Inc is a renewable energy company with operations in the Americas, Europe, and Asia. It is based in Monroe Township, New Jersey.

     

  • Top Stocks to Watch as Equity Markets Rebound

    Top Stocks to Watch as Equity Markets Rebound

    Rave Restaurant Group Inc [NASDAQ: RAVE]

    Rave Restaurant Group Inc is up by over 300% this morning and gaining.  This follows the company’s announcement that had just hired two new seasoned executives to spur up its development. The new executives are Darren Webb and Dion Firooznia.

    Webb will be the new director of development for Rave as well as supporting both Pie Five Pizza and Pizza Inn, while Firooznia will be the Pizza Inn franchise business consultant. These two individuals bring in a range of experiences that will see Rave develop in Carolinas where both are based.  The two form a formidable team for the benefit of Rave Group, having worked together before at Bojangles’ restaurants as executives where they both saw the growth of Bojangles in their respective capacities.

    Hill International Inc [NYSE: HIL]

    Hill International Inc is another top performer this morning and is up by over 10% pre-market. The leading managing construction risk company has stated that it has been awarded a contract to provide project management services for the renovation of Kasr al-Ainy Hospitals Development for Cairo University in Egypt. The company is tasked with providing the project management service through the design, procurement, and execution processes. They will also be responsible for building any additional facility buildings if needed.

    Waleed Abdel Fattah, the Senior Vice President of Hill International in North Africa, said in a statement that they are committed to providing efficient services that will see the Iconic Kasr Al-Ainy legacy continues and enable personnel there to provide world-class services. The project, he said will be completed in due time and within the specified budget.

    Ocean Power Technologies Inc [NASDAQ: OPTT]

    This stock is another top performer pre-market and is up by over 37% pre-market. This follows news that the company has entered into an agreement with Aspire Capital Fund and LLC that will see the power technology company sell common stock worth about $12.5 million. This agreement will run for 30 months and will see Ocean Power get funds to purchase more machinery like PowerBuoys to meet potential energy demands.

    The company will also see the advancement of existing projects and initiate new solutions in their bid to provide efficient ocean energy to their clients. The company’s President George H. Kirby said that they are excited about this development that will see them access flexible capital on a cost-effective basis.