Ocean Power Technologies, Inc.

Item 1.01 Entry into a Material Definitive Agreement. On November 2, 2026, Ocean Power Technologies, Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Vanquish Funding Group Inc. (“Vanquish”), pursuant to which the Company issued a 12% promissory note in the aggregate principal amount of $373,750, which includes an original issue discount of $48,750, for an aggregate purchase price of $325,000 (the “Note”), with additional tranches of financing of up to $2,875,000 in the aggregate during the next twelve months subject to further agreement by and between the Company and Vanquish. The Note matures on October 30, 2027. The Company may prepay the outstanding balance of the Note, in whole or in part, at any time at a discount of four percent (4%) if prepaid within days one (1) through sixty (60) following the issuance date, three percent (3%) if prepaid within days sixty-one (61) through one hundred twenty (120), and two percent (2%) if prepaid within days one hundred twenty-one (121) through one hundred eighty (180). The Company is responsible for $7,000 of Vanquish’s due diligence and legal fees in connection with the Purchase Agreement. The Company intends to use the proceeds of the Note for general working capital purposes. Upon the occurrence and during the continuation of any Event of Default (as defined in the Note), the Note shall become immediately due and payable and the Company shall pay to Vanquish, in full satisfaction of its obligations thereunder, an amount equal to 150% (“Default Percentage”) times the sum of (w) the then outstanding principal amount of the Note plus (x) accrued and unpaid interest on the unpaid principal amount of the Note to the date of payment plus (y) Default Interest (as defined in the Note), if any, on the amounts referred to in clauses (w) and/or (x) plus (z) any amounts owed to Vanquish pursuant to Article IV of the Note, and all other amounts payable thereunder shall immediately become due and payable, all without demand, presentment or notice, together with all costs, including, without limitation, legal fees and expenses, of collection, and Vanquish shall be entitled to exercise all other rights and remedies available at law or in equity. Solely upon the occurrence and continuation of an Event of Default (as defined in the Note), Vanquish shall have the right, but not the obligation, to convert all or any portion of the outstanding balance of the Note, including principal, accrued interest, and any applicable default amount, into shares (the “Conversion Shares”) of the Company’s common stock, $0.001 par value per share (the “Common Stock”), provided that in no event shall Vanquish convert any portion of the Note prior to the date which is one hundred eighty (180) days following the issue date of the Note. The conversion price for the Conversion Shares is 75% of the lowest trading price (i.e., the lowest closing bid price, representing a 25% discount) for the Common Stock during the ten (10) trading days immediately preceding the applicable conversion date. Vanquish is prohibited from converting any amount of the Note that would result in Vanquish and its affiliates beneficially owning more than 4.99% of the outstanding shares of Common Stock. The Purchase Agreement contains customary representations, warranties, conditions and indemnification obligations of the parties. The representations, warranties and covenants contained in such agreement were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement and may be subject to limitations agreed upon by the contracting parties. The Purchase Agreement and the Note are filed as Exhibit 10.1 and Exhibit 10.2 to this Current Report on Form 8-K, respectively, and the description above of the material terms of the Purchase Agreement and the Note is qualified in its entirety by reference to such exhibits.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth under Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference in its entirety.

Item 3.02 Unregistered Sales of Equity Securities. The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference. The securities that may be issued by the Company to Vanquish under the Purchase Agreement are being offered and sold by the Company to Vanquish in transactions that are exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), in reliance on Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D thereunder. In the Purchase Agreement, Vanquish represented to the Company, among other things, that it is an “accredited investor” (as such term is defined in Rule 501(a) of Regulation D under the Securities Act). Accordingly, the offer and sale by the Company of the securities that may be issued and sold to Vanquish under the Purchase Agreement have not been and will not be registered under the Securities Act or any applicable state securities or “Blue Sky” laws and, therefore, such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act and any applicable state securities or “Blue Sky” laws. This Current Report on Form 8-K shall not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company, nor shall there be any sale of any securities of the Company in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.