On May 21, the ocean energy solutions provider received a notification from Nasdaq that the company has regained compliance with the minimum shareholders’ equity rule and can be continued as a Nasdaq listed company.
The Monroe Township, New Jersey-based firm, which provides power generation devices, services, and related equipment for the extraction of energy from ocean waves, reported that it has roughly 80 opportunities in the pipeline at varying stages of development with a potential value that is greater than $50 million.
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Shares of Ocean Power, which plunged to a 52-week low during the end of the May, has been struggling in both year-to-date and the past 12 months periods with a negative return of 71% and 88%, respectively.