Company: KITTW
Filing Date: 2025-01-06
Form Type: 8-K
Source: 0001849820-25-000005
Chunk: 3

Company: Nauticus Robotics, Inc.
Filing Date: 2025-01-06
Form: 8-K
Item: Item 3.02
Chunk 3
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Item 3.02 Unregistered Sale of Equity Securities

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As previously disclosed, Nauticus Robotics, Inc., a Delaware corporation (the “ Company”) entered into the Second Amendment and Exchange Agreement (the “ Exchange Agreement”), by and among the Company and certain institutional investors, pursuant to which such investors would exchange the remaining portion of the amount outstanding under the 5% original issue discount senior secured convertible debentures (the “ Existing Notes”) and certain other amounts outstanding with respect thereto, into shares of Series A preferred convertible stock (the “ Series A Preferred Stock”), subject to certain adjustments, in reliance on the exemption from registration provided by Section 3(a)(9) of the Securities Act.

For details about the terms of the Exchange Agreement and the Series A Preferred Stock, please see the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 5, 2024 and December 27, 2024.

On December 27, 2024, the Company and one institutional investor closed the exchange transaction, and the Company issued 27,588 shares of Series A Preferred Stock to such investor. On December 31, 2024, the Company issued 2,504 and 5,342 shares of Series A Preferred Stock to two other investors, respectively. These shares of the Preferred Stock are convertible into shares of the Company’s common stock, subject to a beneficial ownership cap of 9.9% of the issued and outstanding common stock of the Company (with the exception to one investor), and to the stockholder approval requirement pursuant to Nasdaq rule 5635.

The exchange transactions described herein were undertaken in reliance upon the exemptions from registration afforded by Section 3(a)(9) of the Securities Act of 1933, as amended (the “ Securities Act”), and Regulation D. The securities may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Neither this Report nor the exhibits attached hereto, is an offer to sell or the solicitation of an offer to buy the securities described herein.

Item 3.03 Material Modification to Rights of Security Holders.