Nauticus Robotics, Inc. has entered into a waiver agreement with a holder of its Series A Convertible Preferred Stock to temporarily avoid a 'Triggering Event' that was set to occur on September 30, 2026. The waiver postpones costly penalties, including a default dividend rate and a conversion premium, until January 31, 2027.
Key Details
- Waiver Period: The agreement postpones the specified Triggering Event and its consequences from September 30, 2026, through January 31, 2027.
- Waived Penalties: The waiver temporarily prevents an increase in the dividend rate to a default rate of 18% and removes a 25% premium (125% multiplier) on a Triggering Event Conversion.
- Future Implications: Upon expiration of the waiver, the Triggering Event and its consequences will apply prospectively if any Series A Preferred Stock remains outstanding.