Company: KITTW
Filing Date: 2025-03-05
Form Type: 8-K
Source: 0001849820-25-000063
Chunk: 0

Company: Nauticus Robotics, Inc.
Filing Date: 2025-03-05
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement

On March 5, 2025, Nauticus Robotics, Inc., a Delaware corporation (the “ Company”) 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 $16 million, consisting of (1) the aggregate purchase price of $4 million in cash that will be paid at closing, and $4 million in cash that will be paid on or before September 30, 2025, and (2) Earn-Out Shares valued at $5.5 million; and the assumption of $2.5 million in Sellers’ liabilities. An aggregate amount of newly issued shares of the Company’s common stock, par value $0.00001 per share (the “ Earn-Out Shares”) worth $5.5 million may be paid to Sellers, subject to and payable in accordance with earn-out thresholds during the period between closing and six months after 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.

The Purchase Agreement contains customary representations, warranties and covenants, including a covenant that the Seller and the selling persons will not compete with or solicit customers and hire or solicit employees three (3) years from the closing date. The closing of the Acquisition is subject to customary closing conditions, including, without limitation, the completion of due diligence and the receipt of required consents by certain third parties, among others.

The preceding summary does not purport to be complete and is qualified in its entirety by reference to the Purchase Agreement, attached as exhibit 10.1 her