Company: KITTW
Filing Date: 2025-02-25
Form Type: SCHEDULE 13D/A
Source: 0000950170-25-026696
Chunk: 2

Company: Nauticus Robotics, Inc.
Filing Date: 2025-02-25
Form: SCHEDULE 13D/A
Chunk 2
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IF II, pursuant to which MIF II exchanged its existing 5 Percent Original Issue Discount Senior Secured Convertible Debentures to the Issuer for new debentures (New Debentures) in the aggregate amount equal to the outstanding principal amount plus interest. The New Debentures provided for, among other items: (a) an interest rate of 5 percent per annum, payable quarterly in shares of Common Stock (if certain conditions are met) and or in cash, at the Issuer's option; (b) conversion by the holder into shares of Common Stock at any time (subject to certain limitations on conversion); (c) a conversion price of $0.4582, on a pre-Reverse Stock Split basis, (subject to certain adjustments) with shares of the Issuer's Common Stock issuable on conversion determined by dividing 120 percent of the applicable conversion amount (as defined in the New Debenture) by the conversion price; (d) prior to the date of sale of shares of Common Stock (or equivalents) in one or in a series of transactions resulting in net cash proceeds to the Issuer of at least $30 million, an alternate conversion price at the lower of (1) $0.4582, on a pre-Reverse Stock Split basis, (subject to adjustment as provided therein) and (2) the greater of a floor price of $0.0878, on a pre-Reverse Stock Split basis, (subject to adjustment as provided therein) and 98 percent of the lowest volume weighted average price (VWAP) of the Issuer's shares of Common Stock during the applicable 10-trading day period (subject to payment in cash if the applicable VWAP calculation is less than the floor price), and an interest conversion rate of 90 percent of such alternate conversion price; and (d) an option by the holder to extend the maturity date by an additional year. 
 On January 31, 2024, the Issuer and certain of its subsidiaries and MIF II, as a holder of Private Warrants issued pursuant to that certain Securities Purchase Agreement dated as of December 16, 2021, as amended, entered into the Nauticus Second Lien Restructuring Agreements (the Second Lien Restructuring Agreements). Among other things, the Second Lien Restructuring Agreements provided for (a) a voluntary adjustment of the warrant exercise price to $0.0001 for the remaining term of the Private Warrants, and