Norton Rose Fulbright represents Nauticus Robotics in ATM stock offering

Global law firm Norton Rose Fulbright advised Nauticus Robotics, Inc. (Nauticus), a developer of autonomous subsea robotics and software, which has undertaken an at-the-market (ATM) stock offering in the aggregate amount of approximately US$30 million. On January 15, 2025, the company filed a prospectus supplement that reflected the most recent increase of the ATM offering's capacity.

Nauticus will use the capital raised to complete testing and certification of an additional Aquanaut vehicle, its flagship subsea robot. Aquanaut runs without tethers and exclusively on electric power, materially reducing emissions.

An ATM offering can help public companies raise extra capital by “dribbling” the sale of common stock into the existing trading market from time to time, at the market price. This allows companies to raise quick and targeted capital more frequently and strategically without driving down the stock price. The timing of sales is also flexible, allowing companies to take advantage of up markets.

An ATM requires that companies have an effective shelf registration statement in place.  Companies are not required to file a new registration statement each time they sell securities, helping them to raise capital more efficiently.

With the capital raised from the ATM offering, Nauticus is no longer subject to “baby shelf” rule limitations for small cap Nasdaq and NYSE companies that have less than US$75 million public float. This rule enables companies to register securities for sale up to one-third of their public float over a 12-month period.

Nauticus develops robotic systems, vehicles and components for both the commercial and defense business sectors. It has designed and is currently testing and certifying a new generation of vehicles to reduce operational cost and gather data to maintain and operate a wide variety of subsea infrastructure. 

Norton Rose Fulbright’s deal team was led by Amelia Zhang (Houston) and Brandon Byrne and included John Caverlee, Spencer Brown (Dallas) and Sloka Borrego (Houston).