Company: KITTW
Filing Date: 2025-01-06
Form Type: 8-K
Source: 0001849820-25-000007
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Company: Nauticus Robotics, Inc.
Filing Date: 2025-01-06
Form: 8-K
Item: Item 8.01
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Item 8.01 Other Events.

As previously disclosed by the Company in its filings with the SEC, pursuant to the terms of the Senior Secured Term Loan Agreement, dated as of January 30, 2024 (as amended, restated, amended and restated, restructured, supplemented, waived and/or otherwise modified from time to time, the “ Term Loan Agreement”), by and among the Company, as borrower, the lenders from time to time party thereto(the “ Lenders”) and ATW Special Situations Management LLC, as collateral agent (in such capacity, the “Collateral Agent”), the Lenders agreed to make Loans to the Company which Loans are convertible, in whole or in part, into shares of Common Stock of the Company at an initial Conversion Price of $0.4582 subject to adjustment from time to time as provided in the Term Loan Agreement (including the reverse stock split of the Company). Pursuant to Section 5(d) of the Loan Agreement, the Company may, with the prior written consent of the Required Lenders (ATW, or if ATW does not hold any Loans, lenders holding at least 50.1% of the outstanding principal Loan balance), and subject to Nasdaq rules, voluntarily reduce the then current conversion price to any amount and for any period of time deemed appropriate by the board of directors of the Company. The conversion of the Loans is subject to the Lender’s beneficial ownership limitation of 4.99% of outstanding shares (except one Lender).

On January 3, 2025, the Company reduced the conversion price of the Loans to $1.59 (after giving effect to the Company's reverse stock split), which was the closing price of the Company's common stock on January 2, 2025.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  Dated: January 6, 2025      Nauticus Robotics, Inc.                                               
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                              By:                          /s/ John Symington                       
                                                           Name:                   John Symington   
                                                           Title:                  General Counsel