Company: KITTW
Filing Date: 2025-09-15
Form Type: PRE 14A
Source: 0001849820-25-000237
Chunk: 11

Company: Nauticus Robotics, Inc.
Filing Date: 2025-09-15
Form: PRE 14A
Chunk 11
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 relates to the offering of the shares of the Company’s Common Stock issuable upon the conversion of or otherwise pursuant to the terms of the Series B Preferred Stock (the “Underlying Preferred Stock Shares”). On August 8, 2025, the Company and the Investor closed on the initial closing transactions contemplated by the Purchase Agreement, and the Company issued 3,000 shares of Series B Preferred Stock to the Investor.

In addition, by written notice from the Investor to the Company and subject to other terms and conditions set forth in the Purchase Agreement, the Company agreed to issue and sell to the Investor, at one or more additional closings, up to 5,000 additional shares of Series B Preferred Stock for an aggregate maximum purchase price of $4,900,000.

The Company’s Common Stock is listed on the Nasdaq Capital Market, and, as such, the Company is subject to the applicable rules of the Nasdaq Stock Market LLC (“Nasdaq”), including Nasdaq Listing Rules 5635. Nasdaq Listing Rule 5635(d) requires the Company to obtain stockholder approval prior to certain issuances with respect to Common Stock or securities convertible into Common Stock other than in a public offering if the price is below the “Minimum Price” (as determined in accordance with Nasdaq rules) in an amount greater than or equal to 20% of the number of shares of Common Stock outstanding prior to such issuance, regardless of whether such shares are issued to one person or group or are more widely distributed. The Series B Preferred Stock currently has a conversion price greater than or equal to the Minimum Price as of the date of the Purchase Agreement. However, the Certificate of Designations of the Series B Preferred Stock contains adjustment provisions that provide for the reduction of the conversion price thereof upon certain issuances of securities by the Company at an offering price below such conversion price, as well as, upon certain triggering events, to convert on an Alternate Conversion Price, as discussed in details below. The issuance of Common Stock upon the conversion of the Series B Preferred Stock at such a reduced conversion price may result in certain holders acquiring more than 20% of the amount of Common Stock issued and outstanding prior to the issuance of the Underlying Preferred Stock Shares at a price below the Minimum Price. Accordingly, the Company needs stockholder approval of the issuance of shares of Common Stock upon any such reset of the conversion of the Series B Preferred Stock.

Assuming that all 3,000 shares of Series B Preferred Stock are issued and all such shares are converted into