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Ocean Power receives noncompliance notice from Nasdaq

Ocean Power Technologies Inc. said in a March 15 federal filing that the Nasdaq Stock Market has again notified the company that it is out of compliance with the exchange's minimum equity requirement.

The notice was triggered by Ocean Power's disclosure, as reported in the quarterly report on Form 10-Q for the period ended Jan. 31, that its stockholders' equity was below the required minimum of $2.5 million.

The company said it has appealed for a hearing. The hearing request stayed the suspension of Ocean Power's securities pending the Nasdaq panel's decision.