Nauticus Robotics Faces Delisting Concerns
Ticker: KITTW · Form: 8-K · Filed: Jul 26, 2024 · CIK: 1849820
Sentiment: bearish
Topics: delisting, listing-standards, spac
TL;DR
Nauticus Robotics might get delisted, former SPAC.
AI Summary
Nauticus Robotics, Inc. filed an 8-K on July 26, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule. The company was formerly known as Cleantech Acquisition Corp. and changed its name on March 8, 2021.
Why It Matters
This filing indicates potential issues with Nauticus Robotics' compliance with stock exchange listing standards, which could impact its stock's tradability and investor confidence.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards poses a significant risk to the company's continued trading on an exchange.
Key Players & Entities
- Nauticus Robotics, Inc. (company) — Registrant
- Cleantech Acquisition Corp. (company) — Former company name
- 001-40611 (company) — SEC File Number
- July 24, 2024 (date) — Earliest event reported
- July 26, 2024 (date) — Date of report
- March 8, 2021 (date) — Date of name change
FAQ
What is the specific reason Nauticus Robotics received a notice of delisting or failure to satisfy a continued listing rule?
The provided filing is a Form 8-K that serves as a notice of delisting or failure to satisfy a continued listing rule, but it does not detail the specific rule violated or the exact reason for the notice.
When was Nauticus Robotics formerly known as Cleantech Acquisition Corp.?
Nauticus Robotics, Inc. was formerly known as Cleantech Acquisition Corp. until March 8, 2021, when its name was changed.
What is the SEC file number for Nauticus Robotics?
The SEC file number for Nauticus Robotics, Inc. is 001-40611.
What is the principal executive office address for Nauticus Robotics?
The principal executive offices of Nauticus Robotics are located at 17146 Feathercraft Lane, Suite 450, Webster, TX 77598.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported in this 8-K filing is July 24, 2024.
Filing Stats: 829 words · 3 min read · ~3 pages · Grade level 15.7 · Accepted 2024-07-26 17:13:59
Key Financial Figures
- $1.00 — common stock remained below the minimum $1.00 per share requirement for continued inc
- $35 million — at, the Company had not met the minimum $35 million requirement for the previous 30 consecu
- $1 — he Company's common stock remains above $1 for a minimum of ten consecutive tradin
Filing Documents
- kitt-20240724.htm (8-K) — 27KB
- 0001849820-24-000188.txt ( ) — 198KB
- kitt-20240724.xsd (EX-101.SCH) — 2KB
- kitt-20240724_def.xml (EX-101.DEF) — 17KB
- kitt-20240724_lab.xml (EX-101.LAB) — 29KB
- kitt-20240724_pre.xml (EX-101.PRE) — 17KB
- kitt-20240724_htm.xml (XML) — 4KB
01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing As previously reported in a Current Report on Form 8-K filed January 26, 2024, Nauticus Robotics, Inc. (the "Company") received a deficiency letter from the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, for the preceding 30 consecutive trading days, the closing bid price of the Company's common stock remained below the minimum $1.00 per share requirement for continued inclusion on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (the "Bid Price Requirement"). The Company was provided an initial period of 180 calendar days, or until July 22, 2024 (the "Compliance Period"), to regain compliance with the Bid Price Requirement. On July 24, 2024, the Company received a staff determination letter (the "Determination Letter") from the Staff notifying the Company that it had not regained compliance with the Bid Price Requirement by July 22, 2024, and is not eligible for a second 180-day period due to the Company's failure to comply with the MVLS Requirement (as defined below) for The Nasdaq Capital Market. As previously reported in the Company's Current Report on Form 8-K filed February 22, 2024, the Company received a deficiency letter from the Staff notifying the Company that, the Company had not met the minimum $35 million requirement for the previous 30 consecutive trading days, as required for continued listing on the Nasdaq under Nasdaq Listing Rule 5550(b)(2) (the "MVLS Requirement"). Pursuant to Nasdaq Listing Rule 5810(d)(2), the failure to comply with the MVLS Requirement has become an additional and separate basis for delisting. Accordingly, and as described in the Determination Letter, unless the Company timely requests a hearing of the Staff's determination to a Hearings Panel (the "Panel") by July 31, 2024, the Company's securities would be subject to su