Nauticus Robotics closes SPAC deal and makes NASDAQ debut

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Nauticus Robotics’ Aquanaut at work within the firm’s check tank. | Supply: Nauticus Robotics

Nauticus Robotics accomplished its enterprise mixture with CleanTech Acquisition Corp, a particular objective acquisition firm (SPAC) shaped in June 2020. Nauticus additionally made its debut on the NASDAQ beneath ticker symbols “KITT” for its widespread inventory and “KITTW” for its public warrants. 

Nauticus develops ocean robots, autonomous software program and providers for the marine trade. Its merchandise embrace the flagship Aquanaut robotic that may act as an autonomous underwater car (AUV) or a remotely operated car (ROV), the Hydronaut, an autonomous or remotely managed small vessel, and the Olympic Arm, a robotic arm subsea device. The corporate additionally presents ToolKITT, its robotics management software program.

“The closing of this enterprise mixture represents a pivotal milestone in our firm’s historical past as we take public our pursuit of remodeling the ocean robotics trade with autonomous methods,” Nicolaus Radford, the founder and CEO of Nauticus, mentioned. “Not solely is the ocean an incredible financial engine, however additionally it is the epicenter for constructing a sustainable future. Our robotic fleet of Aquanauts and Hydronauts powered by our autonomy software program platform, ToolKITT, will considerably cut back emissions, offshore personnel, and prices for our prospects. The capital raised on this transaction from each new and current buyers will allow us to ship the beginning of this fleet and speed up our progress trajectory. I want to give a heartfelt thanks to the Nauticus and CLAQ groups for his or her tireless work all through this course of as we start demonstrating our execution and capabilities on the general public stage.”

The deal was first introduced in December 2021 and valued Nauticus at $560 million. The newly mixed firm will function beneath the title Nauticus Robotics, and can be led by Radford and Nauticus’ present government crew.

All remaining CleanTech or “CLAQ” models can be separated into their underlying parts, one share of CLAQ widespread inventory, one proper, and one-half of 1 warrant. All the rights can be mechanically transformed into one share of widespread inventory. The transaction was permitted by CLAQ stockholders at a particular assembly earlier this month.

CleanTech’s monetary advisors embrace Chardan Capital Companions, Lake Avenue Capital Markets and ROTH Capital Companions. Chardan acted as the only placement agent on the non-public placement of public fairness. Loeb & Loeb LLP acted because the authorized advisor to CleanTech, whereas Winston & Strawn LLP acted because the authorized advisor to Nauticus. 

“We’re happy with this consequence that takes Nauticus public and permits them to additional their mission of positively impacting the fee and emission profiles of the huge ocean financial system,” Eli Spiro, former CEO of CleanTech, mentioned. “I proceed to consider Nauticus’ Robotics-as-a-Service enterprise mannequin can be interesting to public markets buyers and trust of their long-term progress trajectory.”