Kraken Robotics Completes Significant Equity Offering
ST. JOHN'S, Newfoundland and Labrador — Kraken Robotics Inc. (“Kraken” or the “Company”) (TSX.V: PNG) has successfully closed an underwritten public offering of 43,240,000 common shares at an impressive price of $2.66 per share, resulting in over $115 million in gross proceeds. This is a remarkable achievement for the company, as it inclusive of the complete exercise of the over-allotment option that was offered by the underwriters.
Details of the Underwriting Syndicate
The offering was led by Desjardins Capital Markets, which acted as the lead underwriter and sole bookrunner. They were joined by an esteemed syndicate, including firms like Cormark Securities Inc., Scotia Capital Inc., Canaccord Genuity Corp., National Bank Financial Inc., and Raymond James Ltd., collectively referred to as the “Underwriters.” For their efforts, the Underwriters will receive a 4.0% cash commission on the gross proceeds, amounting to approximately $4.6 million.
Utilizing Proceeds for Future Growth
With the net proceeds from this offering, Kraken aims to bolster its future growth trajectory, establishing itself as a prominent global prime contractor. The funds will be directed towards:
- Enhancing capacity for larger acquisitions, particularly in North America and Europe.
- Demonstrating a stronger financial profile when bidding for larger contracts in various sectors.
- Supporting general corporate needs, which align with Kraken’s long-term strategy.
Comments from Leadership
Greg Reid, President and CEO of Kraken, expressed his enthusiasm regarding the successful equity offering, stating, “The strong investor support indicates confidence in our strategic vision as we work to scale our operations. With our improved balance sheet, we are poised to pursue strategic acquisitions and deliver enhanced value to our customers and shareholders.”
About Kraken Robotics Inc.
Kraken Robotics Inc. is transforming the domain of subsea intelligence through advanced technologies such as 3D imaging sensors, power solutions, and innovative robotic systems. The Company’s mission is to help clients effectively tackle the multifaceted challenges encountered in our oceans, operating with a focus on safety, efficiency, and sustainability.
Kraken offers cutting-edge synthetic aperture sonar, sub-bottom imaging, and LiDAR systems that provide top-tier resolution, essential for securing insights about ocean safety, infrastructure, and geology. Their revolutionary pressure tolerant batteries are designed to deliver high energy density for underwater vehicles and subsea energy storage solutions.
Global Reach and Operations
Headquartered in Canada, Kraken has established a robust presence with offices across North America, South America, and Europe. This allows them to provide services to clients in more than 30 countries globally.
Frequently Asked Questions
What is the total amount raised by Kraken's public offering?
Kraken successfully raised over $115 million through the offering of 43,240,000 common shares.
Who are the underwriters involved in this offering?
The offering was led by Desjardins Capital Markets along with Cormark Securities Inc., Scotia Capital Inc., Canaccord Genuity Corp., National Bank Financial Inc., and Raymond James Ltd.
How will Kraken use the proceeds from the offering?
The net proceeds will support growth initiatives, including pursuing larger acquisitions and strengthening their financial position for government and commercial bids.
What technology does Kraken Robotics focus on?
Kraken specializes in subsea intelligence solutions, including synthetic aperture sonar, sub-bottom imaging, LiDAR systems, and power solutions for underwater vehicles.
Where does Kraken operate?
Kraken Robotics operates across North America, South America, and Europe, serving clients in over 30 countries worldwide.
