Quarterly report pursuant to Section 13 or 15(d)

Equity

v3.23.2
Equity
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Equity

11. Equity

 

Common Stock – A total of 47,281,275 shares of Common Stock were outstanding at March 31, 2023.

 

Earnout Shares - Following the closing of the Business Combination, former holders of shares of Nauticus Robotics Holdings, Inc. Common Stock (including shares received as a result of the Nauticus Preferred Stock Conversion and the Nauticus Convertible Notes Conversion) are entitled to receive their pro rata share of up to 7,499,993 Earnout Shares which are held in escrow. The Earnout Shares will be released from escrow upon occurrence of certain Triggering Events. At March 31, 2023, the earnout targets have not been achieved and the Earnout Shares remain in escrow.