HOUSTON - Nauticus Robotics, Inc. (NASDAQ: KITT), a company specializing in autonomous subsea robotics, has recently completed a financial restructuring that saw the elimination of dilutive warrants and ratchet provisions from its original financing. The restructuring, completed before the end of 2023, also involved securing a new investment from current backers, with a second tranche of funding under discussion to support operations throughout the year.
The company's strategic refocus includes the appointment of John W. Gibson, Jr. as interim CEO on January 4, 2024, and the introduction of new executives, Victoria Hay as interim CFO and Nicholas Bigney as General Counsel.
Gibson, with over 35 years of experience in the energy and IT sectors, including a tenure as President of Halliburton (NYSE:HAL) Energy Services, emphasized the company's shift towards commercializing its intellectual property and providing valuable solutions to commercial and government customers. The executive team aims to transition from prototype development to delivering reliable solutions for the "blue economy," particularly in subsea inspections and maintenance.
Nauticus is set to begin offshore certification of its new Aquanaut Mk2 vehicle in early 2024, with plans to move into contracted operations at a deepwater field for a major oil and gas producer upon certification completion. The company also announced the engagement of Piper Sandler & Co. as its investment banking advisor to assist in financing efforts and explore strategic alternatives, including a potential merger with 3D at Depth.
The information for this article is based on a press release statement from Nauticus Robotics.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.