Subsequent Events |
9 Months Ended |
|---|---|
Sep. 30, 2025 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events On October 16, 2025, the Company received a written notice from The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it was not in compliance with the requirement to maintain a minimum Market Value of Listed Securities (“MVLS”) of $35 million, as set forth in Nasdaq Listing Rule 5550(b)(2) (the “Listing Requirement”). The Nasdaq notification has no immediate effect on the listing or trading of the Company’s common stock, which will continue to trade on The Nasdaq Capital Market under the symbol “KITT.” The Company is evaluating various options to regain compliance with the Listing Requirement, which may include corporate or market-based actions, including establishing compliance under the alternative stockholders’ equity standard set forth in Nasdaq Listing Rule 5550(b)(1). The Company intends to monitor its market value and stockholders’ equity and is preparing a plan to regain compliance.
On October 27, 2025, the Company announced the establishment of a $250 million equity line of credit facility to fund potential acquisitions and growth initiatives. In connection with this facility, the Company launched a strategic initiative to expand into deep-sea rare earth and mineral exploration through targeted acquisitions of businesses and technologies that complement its existing autonomous systems portfolio. This initiative is intended to leverage the Company’s advanced robotics, artificial intelligence, and subsea automation capabilities to support sustainable innovation and environmental stewardship in subsea resource development. The Company believes this strategy aligns with its broader objectives to participate responsibly in the global energy transition and to strengthen its position in critical mineral exploration markets. For more information please refer to the 8K filed on October 27, 2025.
On October 25, 2025, the Company entered into an Amendment Agreement to the 2023 Term Loan Agreement with each Lender, pursuant to which the conversion price was reduced to $1.76 for the period ending on November 7, 2025. On October 29, 2025, the Company received notice that one of its lenders converted $3.7 million of outstanding debt to equity under the September 2023 Term Loan. For more information please refer to the 8K filed on October 27, 2025.
On October 24, 2025 and October 31, 2025, the Company commenced ATM offerings of up to $93.6 million in the aggregate under a previously filed SEC shelf registration statement.
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