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Ocean Power Technologies Inc. will implement a 1-for-20 reverse stock split of its common stock on March 11 at 5 p.m. ET, following the approval of its shareholders of an amendment to the company's certificate of incorporation.
The reverse stock split will reduce the company's number of issued and outstanding common shares to approximately 1.1 million from approximately 22.7 million, according to a Form 8-K filed March 8.