Norton Rose Fulbright advises Nauticus Robotics on series of capital financings

Global law firm Norton Rose Fulbright advised Nauticus Robotics, Inc. (Nauticus), a developer of autonomous subsea robotics and software, in its agreement with existing debtholders to convert US$33 million of senior secured convertible debentures into equity through a preferred stock exchange.

The existing debentures will be exchanged for a new class of convertible preferred stock. This transaction will allow Nauticus to substantially deleverage its balance sheet and assist in navigating NASDAQ compliance issues. The closing of the exchange will occur upon satisfaction of customary closing conditions.

Norton Rose Fulbright also advised Nauticus in connection with a private investment in public equity (PIPE) offering of up to US$21 million in new senior secured convertible debentures to certain institutional investors.

Nauticus develops robotic systems, vehicles and components for both the commercial and defense business sectors. It has designed and is currently testing and certifying a new generation of vehicles to reduce operational cost and gather data to maintain and operate a wide variety of subsea infrastructure.

Norton Rose Fulbright's deal team was led by Brandon Byrne (Dallas) and Amelia Zhang (Houston) and also included John Caverlee, Spencer Brown and Wesley Okereke (Dallas).