Nauticus Robotics To Acquire 3D At Depth For $34 Mln In Stock

(RTTNews) - Nauticus Robotics, Inc. (KITT), a developer of autonomous vehicles and robots, announced on Tuesday that it has signed a definitive agreement to acquire 3D at Depth, Inc., a commercial subsea laser LiDAR or Light Detection and Range inspection and data services company for $34 million in stock.

The company will also assume $4.1 million of 3D's debt.

Nauticus will offer 3D security holders around 9.9326 shares for each share of 3D common stock equivalent they own.

As per Nauticus the deal will enhance firm's full spectrum of autonomous underwater maritime capabilities, and accelerate commercial market penetration, broaden the intellectual property portfolio, expand the target market and establish operational expertise.

3D reported $9.8 million of revenue in 2022, and is on track to grow by more than 20 percent in 2023 according to Nauticus.

The transaction is expected to close in the fourth quarter.

In pre-market activity, shares of Nauticus are trading at $1.77 down 1.12% on Nasdaq.