Nauticus Robotics (NASDAQ: KITT) shares skyrocketed almost 80% on Wednesday following major strategic moves, including securing substantial additional funding, unveiling a dynamic executive management team, streamlining operations and cost structures, and enlisting the expertise of a strategic advisor.
Nauticus Robotics (KITT) has secured a strategic investment, signaling a significant milestone for the company. The investment, secured before the close of 2023, marks the first tranche led by existing investors, with ongoing discussions for a second tranche to provide additional funding for the year.
This move demonstrates continued support from existing stakeholders. In addition, the new investment is an integral part of several strategic initiatives launched by the company’s Board of Directors to optimize operations and bolster near and long-term financial viability. These initiatives involve appointing a new executive management team, with John W. Gibson, Jr. being promoted to interim CEO on January 4, 2024.
Gibson brings over 35 years of experience in the energy and IT industries, having served as President of Halliburton Energy Services. He took on the role of President at Nauticus last October and joined the Board of Directors in 2022.
The executive management team is further strengthened with the appointment of Victoria Hay as interim Chief Financial Officer and Nicholas Bigney as General Counsel in the fourth quarter of 2023. JD Yamokoski, Nauticus’ longstanding Chief Technology Officer, continues to be a part of the executive management team.
Nauticus Robotics (NASDAQ: KITT) has restructured its finance and corporate framework to sharpen its strategic focus on delivering proven and innovative solutions within the blue economy. This focus includes collaborating with oil and gas producers to improve subsea inspections in the short term and advancing into maintenance and repair using the next generation of Aquanaut autonomous undersea robots. Nauticus plans to commence offshore certification of its new Aquanaut Mk2 vehicle in early 2024 and, upon completion, envisions transitioning to contracted operations at a deepwater field for a leading oil and gas producer.
The Board of the Company enlisted Piper Sandler & Co. as its investment banking advisor to aid in financing and evaluate various strategic options, including finalizing the recently announced merger with 3D at Depth.
Kevin Putnam is a financial journalist and editor based in New York. He specializes in editing news and analysis related to U.S. stock market.
