Company: KITTW
Filing Date: 2025-04-15
Form Type: 10-Q/A
Source: 0001849820-25-000099
Chunk: 51

Company: Nauticus Robotics, Inc.
Filing Date: 2025-04-15
Form: 10-Q/A
Chunk 51
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 at the fixed “Conversion Price” of $ 1.23, which is subject to proportional adjustments, or a holder may elect to convert the Series A Preferred Stock held by such holder at the “Alternate Conversion Price” (as defined in the Series A Certificate of Designation) at holder’s election or at certain triggering event. The Company has the right to redeem in cash all, but not less than all, the shares of Series A Preferred Stock then outstanding at a 25% redemption premium to the greater of (i) the Conversion Amount being redeemed, and (ii) the product of (1) the Conversion Rate with respect to the Conversion Amount being redeemed, multiplied by (2) the equity value of the Common Stock underlying the Series A Preferred Stock.

On December 27, 2024, the Company and ATW I closed the exchange transaction, and the Company issued 27,588shares of Series A Preferred Stock to ATW I. On December 31, 2024, the Company issued 2,504and 5,342shares of Series A Preferred Stock to SLS and MIF, respectively. These shares of the Preferred Stock are convertible into shares of the Company’s Common Stock, subject to a beneficial ownership cap of 9.9% of the issued and outstanding Common Stock of the Company (with the exception to one investor), and to the stockholder approval requirement pursuant to Nasdaq rule 5635.

November 2024 Debentures

On November 4, 2024, the Company entered into a Securities Purchase Agreement (the “SPA”) with ATW, pursuant to which ATW purchased, in a private placement, $ 1,150,000in principal amount of debentures, with an option to purchase up to an additional aggregate of $ 20,000,000in principal amount of original issue discount senior secured convertible debentures (the “November 2024 Debentures”). On December 11, 2024, ATW purchased, in a private placement, $ 1,000,000in principal amount of debentures. The November 2024 Debentures feature an original issue discount of 2%.

The November 2024 Debentures provide for, among other items: (a) an interest rate of the Prime Rate published in the Wall Street Journal plus 2% per annum, payable quarterly and added to the principal amount of the November 2024 Debentures, and/or in cash, at the Company’s option; (