Nauticus Robotics Converts $3.7 Million Debt to Equity
Nauticus Robotics has converted $3.7 million of debt into common equity, announced in a press release. The company stated that the conversion will help reduce leverage and strengthen its balance sheet.
Existing debtholders have also agreed to exchange remaining debt into preferred equity if necessary, with the goal of bringing the company into compliance with previously reported Nasdaq requirements.
Nauticus develops autonomous subsea robots and related software for commercial and defense sectors. Its systems use artificial intelligence and advanced sensing technologies to perform underwater operations and support subsea infrastructure maintenance.
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