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HOUSTON - Nauticus Robotics, Inc. (NASDAQ:KITT), a developer of autonomous subsea robotics with a current market capitalization of just $13.3 million, announced Thursday it has received a delisting notification from Nasdaq for failing to maintain the required minimum market value of listed securities (MVLS) of $35 million. The company’s stock has declined over 76% in the past year, currently trading at $2.67.
The notice, received on October 16, does not immediately affect the trading or listing of the company’s common stock on the Nasdaq Capital Market. Nauticus plans to request a hearing before the Nasdaq Hearings Panel, which will automatically pause any suspension or delisting action until the hearing takes place. According to InvestingPro data, the company faces significant financial challenges, with a weak financial health score and concerning cash burn rate.
The robotics company stated it is evaluating options to regain compliance, which may include corporate or market-based actions. One potential path includes establishing compliance with alternative equity requirements under Nasdaq Listing Rule 5550(b)(1). Despite current challenges, analysts project revenue growth of nearly 29% for the fiscal year 2025. InvestingPro offers 20 additional key insights about KITT’s financial position and growth prospects in its comprehensive Pro Research Report.
"The Company is confident it will continue to be listed," Nauticus stated in its press release.
Nauticus Robotics develops autonomous robots for ocean industries, offering services and selling vehicles and components while licensing related software to commercial and defense sectors. The company focuses on creating technology that reduces operational costs for subsea infrastructure maintenance.
The company’s stock will continue trading under the symbol "KITT" while it works to address the compliance issue.
In other recent news, Nauticus Robotics, Inc. announced it has received a deficiency notice from the Nasdaq Stock Market for failing to meet the minimum market value requirement of $35 million for continued listing. This is not the first time the company has faced such a notice, having previously been granted an extension to regain compliance. Additionally, Nauticus Robotics has completed successful deepwater tests of its Aquanaut autonomous underwater vehicle, reaching a record depth of 2,300 meters in the Gulf of Mexico. The tests demonstrated effective communication between modems at various depths, showcasing the vehicle’s capabilities. In another development, the company has filed a legal opinion related to a prior at-the-market offering, which was included in its latest SEC filing. Nauticus Robotics is also set to initiate a 1-for-9 reverse stock split to meet Nasdaq’s share bid price requirements, with the change taking effect at the start of trading. The reverse split was approved by the Board of Directors and stockholders.
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