Nauticus Robotics, Inc. received a waiver from a holder of its Series C Convertible Preferred Stock, deferring a "Triggering Event" that was scheduled to occur if the shares remained outstanding on September 30, 2026. The waiver provides financial relief by preventing the activation of punitive dividend and conversion terms until the end of 2027.
Key Details
- Agreement: On September 23, 2026, a holder of Series C Preferred Stock waived a specific Triggering Event for the period of September 30, 2026, through December 31, 2027.
- Financial Impact: The waiver prevents the dividend rate from increasing to a default rate of 18% and averts a Triggering Event Conversion, which would have applied a 125% multiplier (a 25% premium) to the conversion amount.
- Future Terms: If any Series C Preferred Stock remains outstanding after the waiver period expires on January 1, 2028, the Triggering Event and its associated consequences will apply prospectively.