Nauticus Robotics (KITT) Announces 1-for-36 Reverse Stock Split

Nauticus Robotics, Inc. ("Nauticus" or the "Company") (NASDAQ: KITT) today announced that it will proceed with a 1-for-36 reverse stock split ("Reverse Split") of its outstanding shares of common stock (the "Common Stock") following approval by its Board of Directors. This ratio is within the range approved by stockholders at the annual meeting of the Company's shareholders held on June 17, 2024.

Key Information About the Reverse Split

What is a Reverse Split?

A reverse stock split is a corporate action that reduces the number of outstanding shares and proportionately increases the share price. In this case, Nauticus is implementing a 1-for-36 reverse stock split, meaning that every 36 shares of our common stock will be consolidated into one share.

Why is Nauticus enacting the Reverse Split?

By reducing the number of shares, the per-share stock price of Nauticus' common stock should increase proportionally. The primary objective of the Reverse Split is to increase the share price to comply with the minimum bid price required by The Nasdaq Capital Market. A higher share price can also make the stock more attractive to a broader range of investors, including institutional investors who may have minimum price thresholds for investments.

How will the Reverse Split affect current investors?

Every 36 shares of Nauticus common stock held by shareholders will be automatically combined into one share. Fractional shares will be rounded up to the nearest share. This adjustment will not change the ownership of the company or change the overall value of Nauticus, and the share price should be adjusted accordingly. Current shareholders will retain the same percentage ownership in the Company as before the reverse split.

When will the Reverse Split be effective?

The Reverse Split is expected to become effective at 4:01 p.m., Eastern Time, on July 22, 2024. After-market trading of shares in Nauticus' Common Stock may be suspended temporarily at that time. Nauticus expects the Common Stock will begin trading on a post-split basis at the market open on July 23, 2024 under the symbol "KITT" with the new CUSIP number 63911H 207.

Do shareholders need to take any action in connection with the Reverse Split?

Shareholders holding their shares electronically in book-entry form are not required to take any action to receive the post-split shares. Shareholders who hold certificated shares will receive instructions from Continental Stock Transfer and Trust, our transfer agent who is acting as the exchange agent for the Reverse Split.

Where can I find additional information?

Additional information about the Reverse Stock Split can be found in Nauticus' definitive proxy statement (Form DEF 14A) filed with the U.S. Securities and Exchange Commission on April 26, 2024.

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