Kraken Robotics Completes $115 Million Public Offering

Kraken Robotics Inc. announced on Thursday that it has closed its previously announced underwritten public offering, raising approximately $115 million. The offering involved the sale of over 43.2 million common shares at a price of $2.66 per share. Full exercise of the underwriters' over-allotment option contributed to the final gross proceeds.

The company intends to use the net proceeds from the offering to support its strategy of becoming a scalable global prime contractor. Key objectives include enhancing the ability to pursue larger, accretive acquisitions, particularly in the United States and Europe. The strengthened balance sheet is also expected to improve its position when bidding for larger governmental and commercial contracts, with remaining funds for general corporate purposes.

"This successful equity offering shows strong support from investors and reflects confidence in our vision and strategy as we scale our business," said Greg Reid, President and CEO of Kraken. He added that with a fortified balance sheet, the company is well-positioned to pursue strategic acquisitions and expand its global footprint.

Kraken Robotics specializes in subsea intelligence solutions, including 3D imaging sonar, power systems, and robotic platforms. The company aims to improve ocean safety, infrastructure monitoring, and geological surveying through its advanced sonar and LiDAR technology, along with pressure-tolerant battery systems for underwater vehicles.