Nauticus Robotics restates Q1-Q3 2024 financials due to debt accounting error

Nauticus Robotics, Inc.

Audit committee concludes Q1, Q2, Q3 2024 unaudited financials should no longer be relied upon.
Error: used debt modification accounting instead of extinguishment accounting for Jan 2024 debenture exchange.
Restatement will impact Notes Payable, Interest Expense, and Change in fair value of new debentures (non-cash).
Debt converted to preferred shares in Q4 2024, resulting in zero value at year-end.
Company may identify additional material weaknesses in ICFR due to this error.

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