Nauticus Robotics converts $3.7M debt to equity

Nauticus Robotics, Inc. (NASDAQ: KITT) announced it has entered into an agreement with existing debtholders to convert $3.7 million of debt into common equity. The Houston-based company said the conversion will substantially deleverage its balance sheet.

The autonomous subsea robotics and software solutions company stated that existing debtholders have agreed to exchange outstanding debt into preferred equity if required to bring the company into compliance with previously reported NASDAQ issues.

Nauticus develops autonomous robots for ocean industries, utilizing sensors, artificial intelligence, and algorithms for perception and decision-making. The company's business model includes providing robotic systems for service, selling vehicles and components, and licensing related software to commercial and defense sectors.

The company designs and tests vehicles intended to reduce operational costs and gather data for maintaining subsea infrastructure. Nauticus also develops technology products for retrofitting traditional remotely operated vehicle operations and third-party vehicle platforms.

According to the press release, the company's services aim to provide data collection, analytics, and subsea manipulation capabilities while reducing operational footprint, operating costs, and greenhouse gas emissions for offshore operations.

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