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WEBSTER, TX – Nauticus Robotics, Inc. (NASDAQ:KITT), a company specializing in general industrial machinery and equipment, has announced changes to the compensation of its Chief Executive Officer and President, John W. Gibson, Jr. According to a recent SEC filing, the compensation committee of the company’s board of directors has approved an increase in Mr. Gibson’s base salary and awarded him bonuses.
Effective March 29, 2025, Mr. Gibson’s annual base salary will be raised from $250,000 to $350,000. Additionally, he will receive a performance bonus of $125,000 for the fiscal year 2024 and a special retention bonus of $375,000. Both bonuses are set to be paid by April 15, 2025. These compensation adjustments come as the company’s stock trades at $1.10, down significantly from its 52-week high of $14.85.
The adjustments to Mr. Gibson’s compensation package were detailed in an 8-K filing submitted by Nauticus Robotics on April 2, 2025. The rest of the terms in Mr. Gibson’s employment agreement, dated February 21, 2024, remain unchanged. This agreement, including the principal terms, was previously filed with the SEC and described in the company’s Current Report on Form 8-K on February 22, 2024.
The filing also included an exhibit with the award letter dated March 27, 2025, which outlines the changes to the compensation. Some portions of this document have been redacted for confidentiality reasons.
Nauticus Robotics, formerly known as Cleantech Acquisition Corp ., is incorporated in Delaware and has its principal executive offices in Webster, Texas. The company is listed on The Nasdaq Stock Market LLC under the trading symbols KITT for its common stock and KITTW for its warrants. For a comprehensive analysis of KITT’s financial health and growth prospects, investors can access detailed metrics and expert insights through InvestingPro, which offers an extensive Pro Research Report covering over 1,400 US stocks.
This report is based on a press release statement and aims to provide shareholders and the public with key information regarding the company’s executive compensation decisions.
In other recent news, Nauticus Robotics, Inc. has been actively working to comply with Nasdaq’s Capital Market listing rules after being notified of a potential delisting due to failing to meet the minimum market value requirement. To address this, Nauticus completed an Exchange Agreement with institutional investors, converting outstanding debentures into Series A preferred convertible stock, increasing shareholder equity by $35,434,000. Additionally, the company adjusted the conversion price of loans to $1.59 and has been selling shares under an At The Market Offering Agreement, raising net proceeds of $28.8 million. These actions have led Nauticus to believe that its stockholders’ equity now exceeds the $2.5 million requirement for continued listing.
Furthermore, Nauticus secured stockholder approvals for key proposals, including the issuance of common stock upon conversion of Series A Convertible Preferred Stock and debt under Senior Secured Convertible Debentures. However, a proposal to increase authorized shares did not pass. In another development, Nauticus filed a legal opinion related to its at-the-market offering, fulfilling regulatory requirements. The opinion was provided by Norton Rose Fulbright US LLP, confirming the legality of the offering. Nauticus also announced a reduction in the conversion price of its loans, aligning with recent stock prices, as part of its financial strategy to manage debt obligations.
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