Company: KITTW
Filing Date: 2025-04-15
Form Type: 10-Q/A
Source: 0001849820-25-000106
Chunk: 26

Company: Nauticus Robotics, Inc.
Filing Date: 2025-04-15
Form: 10-Q/A
Chunk 26
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527,485 |     |   |   12,295,000 |
| Total                                         |     |              |    80,749,984 |     |   |   48,825,320 |
| Less: debt discount, net                      |     |              |             - |     |   |  -16,593,357 |
| Less: capitalized debt issuance costs         |     |              |    -1,462,013 |     |   |     -661,922 |
| Senior bridge note exit fee provision         |     |              |       100,666 |     |   |       27,608 |
| Total notes payable – long-term               |     | $            |    79,388,637 |     | $ |   31,597,649 |
| New convertible debentures (principal amount) |     | $            |    30,911,089 |     | $ |            - |

Convertible Secured Debentures

On September 9, 2022, we issued Debentures, secured debt instruments, which featured a 2% original issue discount, in an aggregate principal amount of $ 36,530,320, together with 2,922,425associated warrants ("Original SPA Warrants"), for gross proceeds of $ 35,800,000. The fair value of the Original SPA Warrants was estimated to be $ 20,949,110using a Monte Carlo valuation model incorporating future projections of the various potential outcomes and any exercise price adjustments based on future financing events. This amount was recorded as a warrant liability and, together with the original issue discount, was recognized as a debt discount upon issuance totaling $ 21,679,716. The debt discount was being amortized to interest expense over the four-yearterm of the Debentures.

The Debentures were convertible at each holder’s option at 120% of the principal amount at a conversion price of $ 15.00or 2,922,425shares of Common Stock, on a pre Reverse Stock Split basis, subject to certain adjustments including full ratchet anti-dilution price protections. Interest accrued on the outstanding principal amount of the Debentures at 5% per annum, payable quarterly. The Debentures were secured by first priority interests, and liens on, all our assets, and are scheduled to mature on the fourth anniversary of the date of issuance, September 9, 2026.

New Convertible Debentures

On