Company: KITTW
Filing Date: 2025-04-15
Form Type: 10-Q/A
Source: 0001849820-25-000106
Chunk: 58

Company: Nauticus Robotics, Inc.
Filing Date: 2025-04-15
Form: 10-Q/A
Chunk 58
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 of $ 20,141,905and net proceeds of $ 19,438,100after deducting commissions and offering expenses totaling $ 703,805.

SeaTrepid Acquisition

On March 5, 2025, Nauticus and SeaTrepid International, L.L.C., a Louisiana limited liability company, SeaTrepid Deepsea LLC, a Louisiana limited liability company, Remote Inspection Technologies, L.L.C., a Louisiana limited liability company (each, a “Seller” and collectively, “Sellers”), and certain individual selling persons entered into an Asset Purchase Agreement (the “Purchase Agreement”). Pursuant to the Purchase Agreement, the Company agreed to acquire (the “Acquisition”) substantially all of the assets and certain specified liabilities of the Sellers related to applied robotic solutions and the robotic equipment development and operation. The total value of the Acquisition is $ 16million, consisting of (1) the aggregate purchase price of $ 4million in cash that will be paid at closing, and $ 4million in cash that will be paid on or before September 30, 2025, and (2) Earn-Out Shares valued at $ 5.5million; and the assumption of $ 2.8million in Sellers’ notes payable. An aggregate amount of newly issued shares of the Company’s Common Stock, par value $ 0.0001per share (the “Earn-Out Shares”) worth $ 5.5million may be paid to Sellers, subject to and payable in accordance with earn-out thresholds during the period between closing and six monthsafter closing, as specified in the Purchase Agreement. The Earn-Out Shares will be valued at a price that is the minimum price under Nasdaq Listing Rule 5635 as of March 4, 2025. In no event will the number of Earn-Out Shares exceed 19.99% of the shares outstanding as of the date of the Purchase Agreement. If such number exceeds 19.99%, the parties will negotiate payment of the balance in cash prior to the execution of the Purchase Agreement.

Nasdaq Listing Compliance

The Company’s Common Stock is currently listed on the Nasdaq. On July 24 and August 14, 2024, the Company received determination letters from Nasdaq notifying the Company that it had not regained compliance with the minimum $35 million market value of listed securities requirement for continued listing on The Nasdaq Capital Market as set forth in Listing Rule 5550(b)(2) (the “MVLS Requirement”) or any of the alternative