WEBSTER, TX – Nauticus Robotics, Inc., a company specializing in general industrial machinery and equipment, has announced the completion of significant equity transactions as reported in a recent SEC filing. On Monday, the company disclosed the closure of exchange transactions under a previously arranged agreement, resulting in the issuance of Series A preferred convertible stock to various institutional investors.
According to the 8-K filing, the transactions involved the exchange of senior secured convertible debentures and other outstanding amounts into Series A preferred stock. These exchanges took place on December 27 and December 31, 2024, with the company issuing a total of 35,434 shares of Series A Preferred Stock. The preferred stock issued is convertible into common stock of the company, subject to a beneficial ownership limit of 9.9% and stockholder approval as per Nasdaq rule 5635.
The company, listed on The Nasdaq Stock Market LLC under the symbols NASDAQ:KITT for common stock and NASDAQ:KITTW for warrants, has relied on the exemption from registration provided by Section 3(a)(9) of the Securities Act for these transactions. The exchange agreement was initially detailed in SEC filings dated November 5, 2024, and December 27, 2024.
The SEC filing also mentioned that there have been material modifications to the rights of security holders and amendments to the company's Articles of Incorporation or Bylaws.
The news above is based on an SEC filing.
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