Nauticus Robotics (NASDAQ: KITT) stock plummeted during early trading Wednesday after the company announced a potential $8.4 million common stock sale through H.C. Wainwright & Co.
Nauticus Robotics has announced its intention to offer and sell shares of its common stock valued at up to $8.4 million through H.C. Wainwright & Co., LLC. This decision follows the company’s recent stock price surge and favorable first-quarter 2024 financial results.
Under the Market Offering Agreement, Nauticus Robotics sold 32,406,957 shares between May 20 and June 10, 2024, raising approximately $5.4 million in gross proceeds. With the recent increase in its stock price, the company now has the potential to offer and sell additional shares valued at approximately $2.93 million.
The company plans to use the net proceeds from these offerings for working capital and general corporate purposes.
The announcement of the potential stock offering comes on the heels of Nauticus Robotics releasing its first quarter 2024 financial results. The company reported an earnings per share (EPS) of -11 cents, which aligned with analysts’ expectations. More notably, the company reported a staggering revenue of $464.35 million, far exceeding the analyst estimate of $1.06 million by 43,706.98%.
This remarkable revenue performance has likely contributed to the recent surge in the company’s stock price, creating a favorable environment for the potential stock sale.
Nauticus Robotics (NASDAQ: KITT) Stock Reaction
As of 09:31 a.m. (Eastern Time) Wednesday, KITT stock traded at $0.2133, marking a 21% decrease compared to the previous trading session.
