Nauticus Robotics, Inc. (NASDAQ:KITT) shares are trading higher Tuesday afternoon. The company announced it may now offer and sell shares of its common stock valued at up to $8.4 million through H.C. Wainwright & Co., LLC.

What To Know: Under the The Market Offering Agreement, Nauticus Robotics has already sold 32,406,957 shares between May 20 and June 10 2024, raising gross proceeds of approximately $5.4 million. With the recent surge in stock price, the company has the potential to offer and sell additional shares worth about $2.93 million.

The net proceeds from this offering are intended for working capital and general corporate purposes.

KITT Price Action: Nauticus Robotics shares were up by 20% at 28 cents at the time of writing, according to Benzinga Pro.

Image: Courtesy of Nauticus Robotics Inc.