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Nauticus Robotics going public in $561m SPAC deal

By Kevin Donovan

14:36, 17 December 2021

Oceanic robotics manufacturer Nauticus valued at $561m - Photo: Shutterstock

Nauticus Robotics is being acquired by blank-cheque firm CleanTech Acquisition in a SPAC IPO that will value the combined entity at $561m, the companies announced.

CleanTech Acquisition stock rose slightly Friday to $9.95 per share, versus Thursday’s at $9.92 per share closing price. CleanTech Acquisition trades over the Nasdaq exchange under the ticker CLAQ.

Houston, Texas-based Nauticus Robotics develops subsea robots, as well as cloud-based software and services used in their operations. Nauticus serves both the public and private sectors with what it calls Robotics as a Service (RaaS).

Nauticus Aquanaut robotNauticus Aquanaut robot - Photo: Nauticus Robotics Inc.

Transaction participants

The combined entity will have $222m in cash upon the transaction’s closing. An additional $73m in PIPE securities have been sold to existing equity holders, AeroVironment, Schlumberger and Transocean.

Nauticus projects $90m in revenue by 2023. Closing is expected in the first half of 2022. The new company will trade over the Nasdaq exchange under the ticker KITT.


0.61 Price
+1.410% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.01168


37,356.45 Price
+0.760% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00


2,017.18 Price
+0.130% 1D Chg, %
Long position overnight fee -0.0194%
Short position overnight fee 0.0112%
Overnight fee time 22:00 (UTC)
Spread 0.30

Oil - Crude

75.15 Price
+0.090% 1D Chg, %
Long position overnight fee -0.0211%
Short position overnight fee -0.0008%
Overnight fee time 22:00 (UTC)
Spread 0.040

Chardan acted as the financial advisor for CleanTech as well as the sole placement agent for the PIPE securities. Winston & Strawn acted as legal advisor to Nauticus.

Upon closing, CleanTech shareholders will own roughly 33% of the combined entity, while the PIPE investors will own approximately 6%. Current Nauticus equity holders will own 53% of the combined entity.

“CleanTech was created to find a great business that has a positive impact on the world’s carbon footprint,” added CleanTech Acquisition CEO Eli Spir. “The high calibre of partners and investors Nauticus has attracted, including blue-chip customers in the offshore industry, is impressive and we believe this validates their technology and solution.”

Read more: Investors focused on environmental and social issues

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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