Company: KITTW
Filing Date: 2025-04-30
Form Type: ARS
Source: 0001849820-25-000123
Chunk: 147

Company: Nauticus Robotics, Inc.
Filing Date: 2025-04-30
Form: ARS
Chunk 147
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 F-37

The following table sets forth a summary of the changes in fair value of the Company’s financial liabilities categorized within Level 3: New Convertible Debentures November 2024 Debentures Warrant Liability Balance, December 31, 2023 $ - $ - $ 17,925,092 Fair value on issuance 99,195,791 2,107,000 - Exercise of warrants - - (4,635,257) Fair value conversion of new convertible debentures to common stock (29,741,859) - - Change in fair value of new convertible debentures (7,989,948) 435,864 - Change in fair value of warrant liabilities - - (13,117,002) Exchange of New Convertible Debentures to Series A Preferred Stock (61,429,200) - - Other (34,784) 40,968 — Balance, December 31, 2024 $ - $ 2,583,832 $ 172,833 18. Subsequent Events Change of Note Conversion Price Pursuant to the terms of the Senior Secured Term Loan Agreement, dated as of January 30, 2024 by and among the Company, as borrower, the lenders from time to time party thereto and ATW Special Situations Management LLC, as 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 under the Senior Secured Term Loan Agreement, dated as of January 30, 2024 to $1.59. ATM In January, 2025 the Company conducted