News Releases

Baker Botts Represents Transocean in Nauticus Robotics’ SPAC Merger and PIPE

Release

Deal Description: Nauticus Robotics, Inc., a Houston-based developer of cloud-based surface and subsea robots, software, and associated services, and CleanTech Acquisition Corp. (NASDAQ: CLAQ), a publicly traded special purpose acquisition company, today announced that they have entered into a definitive business combination agreement that will result in Nauticus becoming a publicly listed company.

The company will also receive approximately $73 million from a fully committed Private Investment in Public Equity (“PIPE Investment”) in equity and convertible notes anchored by existing investors, including a subsidiary of Transocean Ltd. (NYSE: RIG). Proceeds from the fully committed PIPE Investment fully cover the minimum cash requirement for the transaction, reducing potential transaction uncertainty.

Upon closing, CLAQ will be renamed Nauticus Robotics, Inc. and is expected to remain listed on NASDAQ under the new ticker symbol “KITT” (the “Combined Company”).

Nauticus Robotics develops revolutionary cloud-based autonomy software to enable a smarter and more sustainable ocean industry using its fleet of autonomous robots from the surface to the seabed.

Baker Botts represented Transocean Ltd. in this deal and related PIPE transaction. Transocean is an existing investor in Nauticus Robotics and is investing in the PIPE.

The company’s press release can be found here.

Baker Botts Lawyers/Offices Involved:

Corporate: Doug Getten (Partner, Houston) and Jim Marshall (Partner, Houston)

ABOUT BAKER BOTTS L.L.P.
Baker Botts is an international law firm whose lawyers practice throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit bakerbotts.com.

Practices

Related Professionals