Kraken Robotics Closes $402.5 Million Public Offering
Kraken Robotics Inc. announced the completion of a public offering, raising approximately $402.5 million. The company will use the proceeds to partially fund its acquisition of Covelya Group Limited.
Kraken Robotics Inc. has successfully concluded a public offering, raising gross proceeds of approximately $402.5 million. The company issued 47,353,550 subscription receipts at $8.50 per receipt. Trading of the subscription receipts began on the TSX Venture Exchange under the symbol "PNG.R".
The funds raised will be used by Kraken Robotics to partially finance its previously announced acquisition of Covelya Group Limited, a provider of underwater technology solutions. The total consideration for the acquisition is approximately $615 million, and it is expected to close in the second quarter of 2026.
Each subscription receipt will convert into one common share of Kraken Robotics upon the satisfaction of certain conditions, including the completion of the Covelya Group acquisition. If these conditions are not met by December 31, 2026, or the acquisition is terminated, holders of the subscription receipts will receive a cash refund equal to their investment plus accrued interest.
Kraken Robotics specializes in subsea technologies, including sonar, sub-bottom profilers, and robotic systems, aiming to enhance efficiency and safety in marine operations.