Nauticus Robotics Announces Appointment of New General Counsel
Rhea-AI Summary
Nauticus Robotics (NASDAQ: KITT), a leader in subsea robotics and software, has appointed John Symington as its new General Counsel effective August 14, 2024. Symington brings over 20 years of in-house experience, including roles as General Counsel at Frank's International and Seadrill, along with 10 years in private practice. His diverse background spans oilfield services, maritime operations, manufacturing, and software across multiple countries.
CEO John Gibson expressed confidence in Symington's ability to ensure a smooth transition in the legal function as Nauticus continues its strategic focus on innovative solutions for the blue economy. The company develops autonomous robots for ocean industries, emphasizing cost reduction and data gathering for subsea infrastructure maintenance.
Positive
- Appointment of experienced General Counsel with 20+ years of relevant industry experience
- New General Counsel has international experience, aligning with company's global operations
- Smooth transition process with outgoing and incoming General Counsels working together
Negative
- Departure of previous General Counsel, potentially causing short-term disruption
News Market Reaction
On the day this news was published, KITT declined 0.50%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Mr. Symington has over 20 years' experience in-house, including serving as General Counsel at Frank's International and Seadrill, complemented by 10 years in private practice. He has lived and worked in the US, the
Nauticus Robotics' CEO, John Gibson, commented, "We thank Nick for his service to Nauticus and welcome John to the team. John's experience puts us in a position for a seamless transition in the legal function as we continue our strategic focus on providing proven and innovative solutions to the blue economy."
Nauticus Robotics, Inc. develops autonomous robots for the ocean industries. Autonomy requires the extensive use of sensors, artificial intelligence, and effective algorithms for perception and decision allowing the robot to adapt to changing environments. The company's business model includes using robotic systems for service, selling vehicles and components, and licensing of related software to both the commercial and defense business sectors. Nauticus 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. Besides a standalone service offering and forward-facing products, Nauticus' approach to ocean robotics has also resulted in the development of a range of technology products for retrofit/upgrading traditional ROV operations and other third-party vehicle platforms. Nauticus' services provide customers with the necessary data collection, analytics, and subsea manipulation capabilities to support and maintain assets while reducing their operational footprint, operating cost, and greenhouse gas emissions, to improve offshore health, safety, and environmental exposure.
Cautionary Language Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Act"), and are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act as well as protections afforded by other federal securities laws. Such forward-looking statements include but are not limited to: the expected timing of product commercialization or new product releases; customer interest in Nauticus' products; estimated operating results and use of cash; and Nauticus' use of and needs for capital. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words "believes," "estimates," "expects," "projects," "forecasts," "may," "will," "should," "seeks," "plans," "scheduled," "anticipates," "intends," or "continue" or similar expressions. Forward-looking statements inherently involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Nauticus' management's current expectations and beliefs, as well as a number of assumptions concerning future events. There can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Nauticus is not under any obligation and expressly disclaims any obligation, to update, alter, or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports which Nauticus has filed or will file from time to time with the Securities and Exchange Commission (the "SEC") for a more complete discussion of the risks and uncertainties facing the Company and that could cause actual outcomes to be materially different from those indicated in the forward-looking statements made by the Company, in particular the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in documents filed from time to time with the SEC, including Nauticus' most recent Annual Report on Form 10-K. Should one or more of these risks, uncertainties, or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. The documents filed by Nauticus with the SEC may be obtained free of charge at the SEC's website at www.sec.gov.
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SOURCE Nauticus Robotics, Inc.
FAQ
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