CPWR 8-K
Ocean Thermal Energy Corp (CPWR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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None | N/A | N/A |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 3.02 Unregistered Sales of Equity Securities.
On July 7, 2026, Ocean Thermal Energy Corp. (“OTEC,” “we” and the “company”) sold two shares of newly-authorized Series E Preferred stock to two private investors for $10,000 a share, or $20,000 in the aggregate. The sale was exempt from registration pursuant to Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder. The preferred shares are convertible into shares of OTEC’s common stock. For more information about the terms of the preferred shares, please see Item 5.03 below and attached Exhibit 3(i).1.
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On July 7, 2026, we filed a certificate of designation (the “Certificate of Designation”) with the Nevada Secretary of State authorizing OTEC to issue up to 150 shares of Series E Preferred Stock, par value $0.001 per share (the “Preferred Shares”). Our board has the authority to designate series of preferred stock, and we intend to issue Preferred Shares to raise capital to fund our operations and strengthen the company’s balance sheet.
The Preferred Shares have a liquidation value of $10,000 per share and bear an annual cumulative dividend of 8.0%, payable in cash or shares of the company’s common stock. The Preferred Shares will convert into common shares if OTEC: executes a power purchase agreement or other commercial contract relating to ocean thermal energy conversion power, desalinated water, cooling, or related infrastructure services; undergoes a change of control; or makes a significant public offering of its shares. The number of common shares issuable upon conversion of each Preferred Share will be based on the volume-weighted average trading price of the company’s common stock over the ten trading days before the conversion, multiplied by 0.5. After two years, we may redeem the Preferred Shares at any time before they have converted. The Preferred Shares have limited voting rights, generally in connection with authorizing shares senior to the Preferred Shares, changing the terms of the Preferred Shares, redeeming shares, or declaring bankruptcy.
Our description of the terms of the Preferred Shares is a summary only, and is subject to the Certificate of Designation attached to this Form 8-K as Exhibit 3(i).1.
Item 9.01 Financial Statements and Exhibits.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Ocean Thermal Energy Corporation | |||
| Dated July 10, 2026 | /s/ Jeremy P. Feakins | ||
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| By Jeremy P. Feakins | |
| Chief Executive Officer and | |||
| Chief Financial Officer |
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EXHIBIT (i).1
