Nauticus Robotics converts $4.0M debt into Series C Preferred Stock to boost equity

Nauticus Robotics, Inc.

Converted $4.0M of outstanding debt and accrued interest into 4,800 shares of Series C Convertible Preferred Stock.
Transaction eliminates $4.0M of debt from balance sheet and increases stockholders' equity.
Expected to support continued compliance with Nasdaq's stockholders' equity requirements.
Exchange with existing institutional lender under Section 3(a)(9) exemption; no commissions paid.
Holder may require additional exchanges of remaining Term Loan indebtedness for Series C Preferred Stock.

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