Nauticus Robotics converts $4M debt into preferred stock

Nauticus Robotics, Inc. (NASDAQ: KITT) has entered into an exchange agreement with an existing lender to convert approximately $4.0 million of outstanding debt into equity, according to a press release.

Under the terms of the agreement, the lender converted approximately $4.0 million of outstanding indebtedness and accrued interest under the company's Senior Secured Term Loan Agreement, dated September 18, 2023, into 4,800 shares of Series C Convertible Preferred Stock.

The transaction eliminates the roughly $4.0 million of debt from Nauticus Robotics' balance sheet and increases stockholders' equity. The company stated the exchange is expected to support its efforts to maintain compliance with Nasdaq's stockholders' equity requirements.

You May Also Be Interested In

• Corning (GLW) files for up to $2B offering of common shares
• Zenas BioPharma (ZBIO) files for up to 7M share offering by selling stockholders
• Cronos Group extends cannabis acquisition deadline to October 2026