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Kraken Robotics Announces Closing of $402.5 Million Public Offering of Subscription Receipts
THIS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES  NEWSWIRE SERVICES OR FOR DISSEMIN...
About this update from Kraken Robotics Inc
[{"type":"text","content":"Kraken Robotics Announces Closing of $402.5 Million Public Offering of Subscription Receipts\nTHIS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES ST. JOHN’S, Newfoundland and Labrador, March 12, 2026 (GLOBE NEWSWIRE) --  Kraken Robotics Inc. (“Kraken” or the “Company”) (TSX-V: PNG), is pleased to announce the successful completion of its previously announced offering (the “Offering”) of Subscription Receipts (the “Subscription Receipts”). Pursuant to the Offering, the Company issued a total of 47,353,550 Subscription Receipts, including 6,176,550 Subscription Receipts issued pursuant to the exercise in full by the Underwriters (as defined below) of their over-allotment option. The Subscription Receipts were issued at a price of $8.50 per Subscription Receipt (the “Offering Price”), for total gross proceeds of approximately $402.5 million. Kraken intends to use the net proceeds from the Offering to partially fund the cash portion of the consideration payable in connection with the acquisition of Covelya Group Limited, a leading international provider of mission-critical underwater technology solutions, for total consideration of approximately $615 million (the \"Acquisition\"), excluding transaction costs and subject to customary adjustments. For additional details related to the Acquisition and the Offering, please see the Company’s news release dated March 3, 2026. The Acquisition is anticipated to close in the second quarter of 2026. Each Subscription Receipt entitles the holder thereof, without payment of any additional consideration or further action on the part of the holder, to receive one common share of Kraken upon the satisfaction or waiver of certain conditions (the “Release Conditions”), including the satisfaction of all conditions precedent to the completion of the Acquisition other than the payment of the purchase price and the satisfaction of conditions precedent that by their nature are to be satisfied at completion.   The Subscription Receipts will begin trading on the TSX Venture Exchange (\"TSXV\") under the symbol \"PNG.R\" (CUSIP: 50077N128, ISIN: CA50077N1289) today. The gross proceeds from the Offering, less 50...