CleanTech Acquisition filed an S-4 registration statement outlining terms of its proposed merger with Nauticus Robotics, a Houston-based developer of cloud-based surface and subsea robots, software, and associated services. The deal carries a 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 the SPAC’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 alone are sufficient to cover the minimum cash requirement for closing the transaction, the companies said when the deal was announced last month. Read more.
