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KITT Events
Nauticus Robotics Inc Trading Halted, News Pending
Nauticus Robotics Inc trading halted, news pending
Nauticus Robotics to Implement 1-for-6 Reverse Stock Split
Nauticus Robotics announced that it will proceed with a 1-for-6 reverse stock split of its outstanding shares of common stock following approval by its Board of Directors and stockholders. This ratio is within the range approved by stockholders at the annual meeting of the Company's shareholders held on May 27. By reducing the number of shares, the per-share stock price of Nauticus' Common Stock should increase proportionally. The primary objective of the Reverse Split is to increase the share price to comply with the minimum bid price required by The Nasdaq Capital Market.
Nauticus Robotics Sees Substantial Offshore Activity in Q3
Nauticus Robotics announced that both of its Comanche remotely operated vehicle, or ROV, systems are currently operating on commercial offshore projects, reflecting substantially stronger offshore activity during the Q3. Nauticus is experiencing a substantially stronger Q3 based on commercial ROV activity to date. Both of the Company's Comanche ROV systems are currently deployed on customer projects. One is working in the U.S. Northeast in support of offshore wind development, while the second is performing platform inspection work off the U.S. Gulf Coast. In addition to the current deployments, Nauticus has submitted bids and proposals for ROV projects across multiple locations in both the U.S. and international offshore markets.
Nauticus Robotics Collaborates with Strangeworks to Optimize Maritime Infrastructure Protection
Nauticus Robotics and Strangeworks, an advanced compute optimization company that transforms complex operational challenges into production decision systems, announced a collaboration to explore optimization of the deployment of distributed fiber-optic sensing networks for maritime infrastructure protection. The collaboration combines Nauticus' autonomous subsea robotics, autonomy software, and mission expertise with Strangeworks Aura, an intelligent optimization platform that applies classical optimization, artificial intelligence, quantum-inspired algorithms, and quantum computing. Distributed Acoustic Sensing transforms standard fiber-optic cable into thousands of virtual acoustic sensors. The collaboration may also help identify future opportunities to apply advanced computational techniques beyond deployment planning.
Nauticus Robotics Converts $4M Debt to Equity
Nauticus Robotics announced an exchange agreement to convert outstanding indebtedness into equity. Nauticus entered into an exchange agreement with an existing lender, pursuant to which the lender converted approximately $4.0M of outstanding indebtedness and accrued interest under the company's Senior Secured Term Loan Agreement into 4,800 shares of the company's Series C Convertible Preferred Stock. The transaction eliminates approximately $4.0M of debt from the company's balance sheet, increases stockholders' equity, and is expected to support the company's continued efforts to maintain compliance with Nasdaq's stockholders' equity requirements.
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