Nauticus Robotics and CleanTech close business combination

Business & Finance

September 13, 2022, by Nadja Skopljak

Nauticus Robotics and CleanTech Acquisition Corp. (CLAQ), a publicly-traded special purpose acquisition company (SPAC), have closed their business combination, resulting in Nauticus becoming a publicly listed company.

The resulting company will operate under the name Nauticus Robotics, Inc. and will be led by Nauticus Founder and CEO Nicolaus Radford and the current executive team.

The combined company’s common stock and public warrants will begin trading on NASDAQ under the ticker symbols “KITT” and “KITTW”, respectively, effective 13 September 2022.

Eli Spiro, former CEO of CLAQ, said: “We are pleased with this outcome that takes Nauticus public and allows them to further their mission of positively impacting the cost and emission profiles of the massive ocean economy. I continue to believe Nauticus’ Robotics-as-a-Service business model will be appealing to public markets investors and have confidence in their long-term growth trajectory.”

All remaining CLAQ units will separate into their underlying components, which consist of one share of CLAQ common stock, one right and one-half of one warrant. All of the rights will automatically be converted into shares of common stock, with every 20 rights being automatically converted into one share of common stock.

The transaction was approved by CLAQ’s stockholders at the special meeting held on 6 September.

“The closing of this business combination represents a pivotal milestone in our company’s history as we take public our pursuit of transforming the ocean robotics industry with autonomous systems,” Radford said.

“Our robotic fleet of Aquanauts and Hydronauts powered by our autonomy software platform, ToolKITT, will significantly reduce emissions, offshore personnel, and costs for our customers. The capital raised in this transaction from both new and existing investors will enable us to deliver the start of this fleet and accelerate our growth trajectory.”