HOUSTON, Sept. 19,
2024 /PRNewswire/ -- Nauticus Robotics
Inc. (NASDAQ: KITT) a leading innovator in autonomous subsea
robotics and software, today announced receipt of a letter from the
Nasdaq Stock Market LLC ("Nasdaq") approving an extension of time
to regain compliance with all listing standards.
The letter received from Nasdaq grants Nauticus an exception
until December 31, 2024 to
demonstrate compliance with the Nasdaq Capital Market listing
rules. Nauticus management presented its detailed plan to gain
compliance during the Nasdaq Hearings Panel meeting held on
September 5, 2024.
Nauticus will continue to work through its plan with intent to
resolve all compliance issues before the deadline of December 31, 2024.
With the granting of this Nasdaq exception, Nauticus remains
listed on the Nasdaq capital market. Once the compliance plan is
fully executed, Nauticus will make further disclosures describing
the actions taken by the Company to achieve compliance.
About Nauticus Robotics
Nauticus Robotics, Inc. develops autonomous robots for the ocean
industries. Autonomy requires the extensive use of sensors,
artificial intelligence, and effective algorithms for perception
and decision allowing the robot to adapt to changing environments.
The company's business model includes using robotic systems for
service, selling vehicles and components, and licensing of related
software to both the commercial and defense business sectors.
Nauticus 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.
Besides a standalone service offering and forward-facing products,
Nauticus' approach to ocean robotics has also resulted in the
development of a range of technology products for
retrofit/upgrading traditional ROV operations and other third-party
vehicle platforms. Nauticus' services provide customers with the
necessary data collection, analytics, and subsea manipulation
capabilities to support and maintain assets while reducing their
operational footprint, operating cost, and greenhouse gas
emissions, to improve offshore health, safety, and environmental
exposure.
Cautionary Language Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended (the "Act"), and are intended to enjoy the protection of
the safe harbor for forward-looking statements provided by the Act
as well as protections afforded by other federal securities laws.
Such forward-looking statements include but are not limited to: the
expected timing of compliance with Nasdaq continued listing rules
and the company's capacity to regain the compliance. Generally,
statements that are not historical facts, including statements
concerning possible or assumed future actions, business strategies,
events, or results of operations, are forward-looking statements.
These statements may be preceded by, followed by, or include the
words "believes," "estimates," "expects," "projects," "forecasts,"
"may," "will," "should," "seeks," "plans," "scheduled,"
"anticipates," "intends," or "continue" or similar expressions.
Forward-looking statements inherently involve risks and
uncertainties that may cause actual events, results, or performance
to differ materially from those indicated by such statements. These
forward-looking statements are based on Nauticus' management's
current expectations and beliefs, as well as a number of
assumptions concerning future events. There can be no assurance
that the events, results, or trends identified in these
forward-looking statements will occur or be achieved.
Forward-looking statements speak only as of the date they are made,
and Nauticus is not under any obligation and expressly disclaims
any obligation, to update, alter, or otherwise revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise, except as required by law. Readers
should carefully review the statements set forth in the reports
which Nauticus has filed or will file from time to time with the
Securities and Exchange Commission (the "SEC") for a more complete
discussion of the risks and uncertainties facing the Company and
that could cause actual outcomes to be materially different from
those indicated in the forward-looking statements made by the
Company, in particular the sections entitled "Risk Factors" and
"Cautionary Note Regarding Forward-Looking Statements" in documents
filed from time to time with the SEC, including Nauticus' Annual
Report on Form 10-K filed with the SEC on April 10, 2024. Should one or more of these
risks, uncertainties, or other factors materialize, or should
assumptions underlying the forward-looking information or
statements prove incorrect, actual results may vary materially from
those described herein as intended, planned, anticipated, believed,
estimated, or expected. The documents filed by Nauticus with the
SEC may be obtained free of charge at the SEC's website at
www.sec.gov.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/nauticus-robotics-announces-notification-of-nasdaq-listing-extension-302253710.html
SOURCE Nauticus Robotics, Inc.