Nauticus Robotics, a Houston-based developer of cloud-based surface and subsea robots, software, and associated services, and CleanTech Acquisition today announced plans to merge at pro forma equity value of $561 million.
If approved, upon closing Nauticus Robotics is expected to list on the Nasdaq under new ticker symbol KITT.
Estimated cash proceeds are expected to consist of CLAQ’s approximately $174.2 million of cash in trust (assuming no redemptions) and approximately $73 million from a fully committed PIPE anchored by existing investors. Proceeds from the PIPE are sufficient to cover the minimum cash requirement for closing the transaction, the companies said. Read more.
