Nauticus Robotics Inc KITT shares are trading lower Tuesday after the company announces a reverse stock split.
What Happened: Nauticus Robotics announced that it will proceed with a 1-for-9 reverse stock split of its common stock that was approved by shareholders at the company’s annual meeting in June.
Every nine shares of common stock will be automatically consolidated into one share, which will increase the share price proportionally. Nauticus said the stock split is intended to raise its share price to comply with the Nasdaq’s minimum bid price requirement.
The reverse stock split will become effective after the market close on Thursday and shares will begin trading on a split-adjusted basis at the market open on Friday.
How To Buy KITT Stock
By now you're likely curious about how to participate in the market for Nauticus Robotics – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
KITT Price Action: Nauticus Robotics shares were down 22.88% at approximately 70 cents at the time of publication on Tuesday, according to Benzinga Pro.
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