Nauticus Robotics has terminated the contracts of CFO Rangan Padmanabhan and Chief Legal and Administrative Officer Dilshad Kasmani. The company did not give a reason, but they did say it was not for cause, meaning the two men will be entitled to severance.
Nauticus, based in Webster, was taken public by a SPAC (Special Purpose Acquisition Corporation) in September 2022. The company is developing tetherless, autonomous electric-powered robots that can be controlled by staff onshore.
As with many SPACs, the share price has plunged since going public at $10 per share. It now trades at $1.10.
The company is in the process of acquiring 3D at Depth, a subsea laser LiDAR inspection and data services company for $34 million in stock.
Victoria Hay has been appointed interim CFO. She will receive cash compensation of $30,000 a month and was also granted 40,000 restricted stock units that will vest on the earlier of her termination or one year from the date of grant. Mrs. Hay has been provided consulting services since the start of the year. She spent 13 years in various roles at Weatherford International, mostly recently as Senior Director – Global Accounting and Reporting Services.
Mr. Padmanabhan was appointed CFO in May 2022. He spent many years at Solaris Asset Management and is a graduate of Rice University. Neither his salary nor his severance package has yet been disclosed publicly.