Company: KITTW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001849820-25-000278
Chunk: 85

Company: Nauticus Robotics, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 85
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 Based on the PIPE SPA, the exercise price of the SPA Warrants was reset from $6.00 to $2.00.During the six months ended June 30, 2024, ATW I exercised 615,589 SPA Warrants, on a post Reverse Stock Split basis, (22,161,186 pre Reverse Stock Split) SPA Warrants in exchange for Common Stock. The Company did not receive cash in respect of these transactions.Unless context otherwise requires, the term “SPA Warrants” means (i) before the entry into the Letter Agreements, the Original SPA Warrants, and (ii) upon and following the entry into the Letter Agreements, (a) the Amended SPA Warrants, and (b) the New SPA Warrants.The SPA Warrants, which are accounted for as liabilities in our condensed consolidated balance sheets, were valued as of September 30, 2025, at $34,034 and as of December 31, 2024 at $164,949. The fair value of the SPA Warrants was estimated using a Black-Scholes option pricing model using the following assumptions: stock price of $0.90, no assumed dividends, implied volatility of 180.6%, and a remaining term of 2.19 years. The change in value of the SPA Warrants 

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Table of ContentsNAUTICUS ROBOTICS, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(UNAUDITED)

during the three months ended September 30, 2025 and 2024, was a gain of $62,288 and $374,796, respectively. The change in value of the SPA Warrants during the nine months ended September 30, 2025 and 2024, was a gain of $130,915 and $12,759,113, respectively.  The change in fair value of SPA Warrants was reported with other (income) expense in our condensed consolidated statements of operations. 

15. Stock-Based Compensation

Our 2022 Omnibus Incentive Plan provides for the grant of options, stock appreciation rights, restricted stock units (“RSU”s), restricted stock and other stock-based awards, any of which may be performance-based, and for incentive bonuses, which may be paid in cash, Common Stock, or a combination thereof. As of September 30, 2025, 112,214 equity units remained outstanding.

Total stock-based compensation expense including options and RSUs