India, Sept. 25 -- Shares of Nauticus Robotics, Inc. (KITT) are falling about 21 percent on Friday morning after the company entered into a non-binding letter of intent with a strategic investor contemplating a private placement equity investment of up to $50 million to support the company's short and long term commercial objectives.
Shares of the company slipped 20.99 percent to $2.3305 on the Nasdaq, compared with the previous closing price of $2.9490. The stock has traded in a 52-week range of $2.25 to $175.20.
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