Nauticus Robotics, a pioneer in autonomous subsea robotics, has successfully concluded a financial overhaul aimed at eliminating dilutive warrants and ratchet provisions from its original financing. The strategic restructuring, finalized before the close of 2023, involved procuring additional investment for Nauticus Robotics from existing backers. Discussions are underway for a second tranche of funding, pivotal for sustaining operations throughout the upcoming year. As a result of these developments, Nauticus Robotics witnessed a remarkable surge in its stock value. On Wednesday, the shares opened trading at $0.40, a significant upswing from Tuesday’s closing figure of $0.29.
At the time of this publication, Nauticus Robotics Inc stock (KITT) has witnessed a surge.
Nauticus Robotics Inc
Current Price: $0.55
Change : +0.25
Change (%): (86.65%)
Volume: 39.2M
Source: Tomorrow Events Market Data
Nauticus Robotics confirmed that the securing of the new investment occurred prior to the end of 2023, concurrently removing numerous dilutive warrants and ratchet provisions associated with the initial de-SPAC financing.
In conjunction with these financial maneuvers, Nauticus Robotics has strategically realigned its leadership team. John W. Gibson, Jr. assumed the role of interim CEO on January 4, 2024. Gibson, boasting a formidable 35-year career in the energy and IT sectors, including a prominent tenure as President of Halliburton (NYSE: HAL) Energy Services, emphasized the company’s newfound focus on commercializing its intellectual property. The executive team aims to deliver innovative solutions to both commercial and government customers, signaling a transition from prototype development to offering reliable solutions within the burgeoning “blue economy,” specifically in subsea inspections and maintenance.
In addition to Gibson’s appointment, the company has welcomed Victoria Hay as interim CFO and Nicholas Bigney as General Counsel. Their collective expertise is anticipated to play a pivotal role in advancing Nauticus Robotics towards its strategic objectives.
Looking ahead, Nauticus is gearing up for the offshore certification process of its revolutionary Aquanaut Mk2 vehicle in early 2024. Upon successful certification, the company plans to initiate contracted operations at a deepwater field for a major player in the oil and gas industry. This move underscores Nauticus Robotics’ commitment to practical application and the provision of cutting-edge solutions within the subsea domain.
Simultaneously, Nauticus Robotics has enlisted the services of Piper Sandler & Co. as its investment banking advisor. This strategic partnership aims to facilitate financing efforts and explore various alternatives, including the potential for a merger with 3D at Depth. This move aligns with Nauticus Robotics’ overarching goal of strengthening its financial position and maximizing opportunities for growth and collaboration within the industry.
The recent developments at Nauticus Robotics, marked by financial restructuring and strategic leadership appointments, underscore the company’s commitment to innovation and market relevance. As it ventures into the offshore certification process and engages in discussions regarding potential mergers, the industry awaits further breakthroughs from this trailblazing company in the autonomous subsea robotics sector.
