Kraken Robotics Secures $115 Million to Enhance Global Reach
Kraken Robotics Boosts Growth with $115 Million Offering
Kraken Robotics Inc. (TSX.V: PNG), a leader in subsea technology, has recently finalized a significant underwritten public offering, raising an impressive $115 million. This funding will play a crucial role in advancing their capabilities and expanding their operations globally.
Details of the Offering
The offering involved the sale of 43,240,000 common shares, priced at $2.66 each. The total gross proceeds amount to $115,018,400, which also encompasses the full exercise of an over-allotment option by the underwriting syndicate. This capital influx is expected to provide an excellent foundation for the company's strategic growth plans.
Leadership in the Offering
Desjardins Capital Markets led the offering, supported by a syndicate that includes Cormark Securities Inc., Scotia Capital Inc., Canaccord Genuity Corp., National Bank Financial Inc., and Raymond James Ltd. Collectively, these underwriters received a 4% cash commission on the gross proceeds, amounting to $4,600,736.
Purpose of the Funding
With this new capital, Kraken aims to bolster its position as a prime contractor in the subsea robotics market. The funds will primarily be allocated towards:
- Evaluating larger acquisitions, particularly in the United States and Europe.
- Enhancing their financial stability and balance sheet, an essential factor in securing larger governmental and commercial contracts.
- General corporate purposes that support operational growth.
CEO’s Perspective
Greg Reid, President and CEO of Kraken, expressed his enthusiasm regarding the offering's success, emphasizing the strong investor support and confidence in the company's strategic vision. He stated, "With a fortified balance sheet, we are well-positioned to pursue strategic acquisitions, expand our global footprint, and deliver even greater value to our customers and shareholders." This reflects the company's commitment to scaling its operations and enhancing its service delivery.
Company Overview
Founded with a mission to transform subsea intelligence, Kraken Robotics Inc. has garnered attention for its innovative solutions in the robotics sector. The company focuses on providing advanced 3D imaging sensors, robust power solutions, and integrated robotic systems designed to operate effectively in challenging underwater environments.
Advanced Technologies
Kraken's technology offerings include state-of-the-art synthetic aperture sonar, sub-bottom imaging systems, and LiDAR technologies that enhance resolution and provide key insights into ocean safety and infrastructure. Furthermore, they have developed pressure-tolerant batteries that ensure high energy density and reliable power supply for their underwater vehicles (UUVs) and energy storage solutions.
Global Operations
Headquartered in Canada, Kraken has expanded its reach with offices across North America, South America, and Europe, servicing over 30 countries globally. This international presence firmly establishes Kraken as a leader in the field of subsea robotics, demonstrating their commitment to safety, efficiency, and sustainability.
Contact Information
For further inquiries and detailed information, stakeholders can reach out to:
Joe MacKay, Chief Financial Officer
(416) 303-0605
jmackay@krakenrobotics.com
Greg Reid, President & CEO
(416) 818-9822
greid@krakenrobotics.com
Sean Peasgood, Investor Relations
(647) 955-1274
sean@sophiccapital.com
Frequently Asked Questions
What does Kraken Robotics do?
Kraken Robotics specializes in subsea technology, offering solutions such as 3D imaging sensors and robotic systems designed for underwater operations.
How much money did Kraken raise?
Kraken Robotics successfully raised $115 million through a public offering to expand its operations and pursue acquisitions.
Who led the recent offering?
The offering was led by Desjardins Capital Markets, along with a syndicate of other financial firms.
What will the funds be used for?
The funds will support strategic acquisitions and enhance the company's balance sheet to bid for larger contracts.
How many countries does Kraken operate in?
Kraken Robotics operates in over 30 countries, showcasing its global reach in subsea technology.
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