Kraken Robotics raises $10.4 million in equity financing
Marine technology firm Kraken Robotics has finalized a $10.4 million equity offering. The capital is earmarked to support the scaling of its robotics-as-a-service business model.
Kraken Robotics has closed a bought deal equity offering, raising gross proceeds of $10.4 million. The transaction involved the sale of 15.5 million common shares priced at $0.67 per share.
The offering was managed by a syndicate of underwriters led by Canaccord Genuity Corp. The total includes proceeds from a partial exercise of an over-allotment option granted to the underwriters.
The company plans to allocate the net proceeds toward expanding its recurring revenue Robotics as a Service business. Additional funds will be directed toward capital expenditures, inventory procurement, and general corporate working capital requirements.
This financing provides the company with liquidity to support its ongoing development of subsea sensor and robotic technologies. The transaction is pending final regulatory approval from the TSX Venture Exchange.