[ad_1]
©Reuters.
HOUSTON – Nauticus Robotics, Inc. (NASDAQ: KITT), a specialist in autonomous subsea robotics, recently completed a financial restructuring that eliminated dilutive warrants and ratchet provisions from its initial financing. The restructuring, which is expected to be completed by the end of 2023, will also include securing new investment from current backers, with a second round of funding being considered to support the business throughout the year.
The company’s strategic refocus includes the appointment of John W. Gibson Jr. as interim CEO on January 4, 2024, and the introduction of new executives: Victoria Hay as interim CFO and Nicholas Bigney as general counsel. It will be done.
Mr. Gibson has more than 35 years of experience in the energy and IT sectors, including his tenure as president of Halliburton (NYSE:) Energy Services, where he is responsible for commercializing intellectual property and delivering value to commercial and government customers. It highlighted the company’s move towards providing solutions. The management aims to move from prototype development to the provision of reliable solutions for the “blue economy”, especially in subsea inspection and maintenance.
Nauticus plans to begin offshore certification of the new Aquanaut Mk2 vehicle in early 2024, and once certification is complete, it plans to move to contract operations in deepwater fields for major oil and gas producers. The company also announced the hiring of Piper Sandler & Co. as investment banking advisor to assist with financing efforts and explore strategic alternatives, including a potential merger with 3D at Depth.
Information in this article is based on Nauticus Robotics’ press release statement.
This article was generated with the help of AI and reviewed by an editor. Please see our Terms of Use for more information.
[ad_2]
Source link
