Nauticus files for convertible preferred stock offering with 10% dividend

Nauticus Robotics filed a registration statement on November 12 for a proposed offering of Series E convertible preferred stock carrying a cumulative annual dividend of 10%. Holders would be able to convert the preferred shares into common stock, subject to limitations. The proposed terms require a fully funded cash reserve covering at least two years of dividends before the second anniversary of issuance. Nauticus has applied to list the shares on Nasdaq as KITTP, with listing a condition of issuance. The preliminary prospectus leaves the offering size and price blank, and sales cannot begin before the registration becomes effective.