Nauticus Robotics Inc (NASDAQ:KITT) disclosed a deal to acquire 3D at Depth, Inc. for about $34 million in stock, before certain purchase price adjustments and the assumption of debt of around $4.1 million.
3D at Depth provides commercial subsea laser LiDAR (Light Detection and Range) inspection and data services.
As per the terms, 3D security holders will receive around 9.9326 shares of KITT’s common stock for each share of 3D share equivalent they own.
The strategic acquisition will boost KITT’s full range of autonomous underwater maritime capabilities and add 11 patents, with an additional 19 pending patents.
This portfolio will enhance KITT’s existing Intellectual Property for subsea robotics and autonomy. Also, the company expects to capitalize on existing Master Service Agreements and contracts to shorten sales cycles and drive growth and cross-selling opportunities.
The transaction is expected to close in Q4 2023 and be accretive to KITT’s 2024 revenue per share, EPS, and cash flow per share, with 3D at Depth on track to grow revenue by more than 20% in 2023.
“The future of subsea services lies in autonomy, data gathering, and analytics. LiDAR has long since been core to terrestrial autonomy and by adding 3D’s capabilities to the Nauticus Fleet, we enhance autonomous vehicles in the offshore market. This acquisition increases the value of Nauticus’ fleet services and positions the Company to capitalize on data acquisition and analytics for subsea operations,” stated Nicolaus Radford, Nauticus’ Founder and CEO.
Also Read: Nauticus Robotics Inks Offshore Service Contract With Shell
As of Q2 FY23, KITT had cash and equivalents of $4.4 million.
Price Action: KITT shares are trading lower by 2.51% at $1.7450 on the last check Tuesday.
