CleanTech (NASDAQ:CLAQ) disclosed this afternoon that its shareholders approved its combination with subsea robot company Nauticus at a special meeting held earlier today.
But, the 8-K filing also disclosed that stockholders holding 361,986 shares of common stock exercised their right to redeem for a portion of the funds in CLAQ’s trust account. As a result, a total of 91.761% has been removed from CLAQ’s trust to-date, which includes previous redemption vote figures, to pay such stockholders.
At the meeting, a total of 4,510,569 shares of CLAQ common stock, representing approximately 73.99% of the issued and outstanding shares of common stock, were present. The business combination was overwhelmingly approved with 4,505,113 shares in favor of the transaction and just 5,456 against it.
The CleanTech deal was supplemented by a $73 million PIPE. The PIPE drew investment from strategic investment from Schlumberger (NYSE:SLB), Transocean (NYSE:RIG) and AeroVironment (NASDAQ:AVAV). CleanTech had to maintain at least $50 million in cash in order for the deal to close.
The parties did not disclose the exact timeline for the deal, but it is expected to close shortly and trade on the Nasdaq under the symbol “KITT”.
CleanTech initially announced the $377 million combination with Nauticus on December 17. The Houston, Texas-based company provides undersea robotics platforms for maintenance, security and other tasks.
ADVISORS
- Chardan acted as exclusive financial advisor to CLAQ and as sole placement agent on the PIPE.
- Loeb & Loeb LLP acted as the legal advisor to CLAQ.
- Winston & Strawn LLP acted as the legal advisor to Nauticus.
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