Company: KITTW
Filing Date: 2025-03-19
Form Type: 8-K
Source: 0001849820-25-000067
Chunk: 0

Company: Nauticus Robotics, Inc.
Filing Date: 2025-03-19
Form: 8-K
Item: Item 4.02
Chunk 0
---
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review

On March 13, 2025, the audit committee of the board of directors (the “ Audit Committee”) of Nauticus Robotics, Inc., a Delaware corporation (the “ Company”), after discussion with management, concluded that the Company’s previously issued unaudited condensed consolidated financial statements and related footnote disclosures for (i) the three months ended March 31, 2024 included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024, originally filed with the U. S. Securities and Exchange Commission (the “ SEC”) on May 14, 2024 (the “ Q1 Form 10-Q”), (ii) the three and six months ended June 30, 2024 included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024, originally filed with the SEC on August 14, 2024 (the “ Q2 Form 10-Q”) and (iii) the three and nine months ended September 30, 2024 included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, originally filed with the SEC on November 12, 2024 (the “ Q3 Form 10-Q” and such affected periods, the “ Affected Periods”), should no longer be relied upon due to the accounting matter described below and should be amended and restated. Similarly, any previously issued or filed reports, earnings releases, and investor presentations or other communications describing the Company’s unaudited condensed consolidated financial statements and other related financial information covering the Affected Periods should no longer be relied upon

The accounting matter relates to the incorrect accounting treatment for debt accounting related to the January 30, 2024 transaction whereby the then existing 5% original issue discount senior secured convertible debentures (the “ Original Debenture”) were exchanged for a new original issue discount exchanged senior secured convertible debenture due September 9, 2026 (the “ New Debenture”). The Company previously used debt modification accounting for this transaction but it has since been determined that extinguishment accounting should have been used.

As such, the Company will restate its financial statements for the Affected Periods in an amendment to the Q1 Form 10-Q, Q2 Form 10-Q and Q