Ocean energy solutions company Ocean Power Technologies Inc (NASDAQ:OPTT) has seen its stock decline by 3% this morning after the company announced that it is going to change its stock listing to the New York Stock Exchange American from the NASDAQ Capital Market.
The President and Chief Executive Officer of the company, James H. Kirby, stated that the move will see Ocean Power being listed which the management considers being the most ‘forward thinking companies’.
He went on to state that Ocean Power is focused on growing the portfolio of innovative solutions and in order to achieve its goals the company would need to get exposure to a much larger investor base. Kirby stated that this listing is going to help in expanding the investor base for Ocean Power considerably. The Ocean Power stock is going to trade on NASDAQ for the last time on June 17, 2021. It remains to be seen if the stock can mount a recovery through the rest of the day.