Nauticus Robotics debtholders agree to exchange $33M of debt to equity

Nauticus Robotics (KITT) has entered into an agreement with existing debtholders to convert $33M dollars of debt into equity through a preferred stock exchange. The company anticipates that this exchange will allow the company to substantially deleverage the balance sheet and believes that it would resolve NASDAQ compliance issues previously reported. The existing convertible debenture will be exchanged for a new class of convertible preferred stock.