Nauticus Robotics, Inc. cancelled the acquisition of 3D at Depth, Inc.
April 03, 2024
Share
Nauticus Robotics, Inc. (NasdaqCM:KITT) entered into a definitive agreement to acquire 3D at Depth, Inc. for $38 million on October 2, 2023. Under the terms and subject to the conditions of the acquisition agreement, 3D security holders will receive approximately 9.9326 shares of Nauticus common stock for each share of 3D common stock equivalent they own, for an aggregate equity value of approximately $34 million, before purchase price adjustments. Nauticus will also assume approximately $4.1 million of debt in the transaction. Upon closing of the transaction, 3D will operate as a division of Nauticus. The boards of both companies have unanimously approved the transaction, which is subject to customary closing conditions, including the approval of Nauticus? and 3D?s respective stockholders as well as the effectiveness of a Registration Statement on Form S-4. The transaction is expected to close during the fourth quarter of 2023. Mast Capital Advisors is acting as the exclusive financial advisor to Nauticus and Winston & Strawn LLP is serving as legal counsel to Nauticus in connection with the transaction. Sparkstone Capital Advisors is acting as the exclusive financial advisor to 3D, with BoyarMiller and Hutchinson Black and Cook, LLC serving as legal counsel to 3D.
Nauticus Robotics, Inc. (NasdaqCM:KITT) cancelled the acquisition of 3D at Depth, Inc. on April 4, 2024. Parties mutually agreed to terminate the Agreement and Plan of Merger.
Nauticus Robotics, Inc. develops autonomous robots for the ocean industries. Its business model includes using robotic systems for service, selling vehicles and components, and licensing of related software to both the commercial and defense business sectors. It has designed and is testing and certifying a new generation of vehicles to reduce operational cost and gather data to maintain and operate a wide variety of subsea infrastructure. It also develops a range of technology products for retrofit/upgrading traditional ROV operations and other third-party vehicle platforms. Its services provide customers with the necessary data collection, analytics, and subsea manipulation capabilities to support and maintain assets while reducing their operational footprint, operating cost, and greenhouse gas emissions, to improve offshore health, safety, and environmental exposure. It focuses on its four main products: Autonomous Solutions, Government Solutions, Olympic Arms and toolKITT software.