11:24 AM EDT, 07/07/2025 (MT Newswires) -- Kraken Robotics ( KRKNF ) on Monday closed its underwritten public offering for aggregate gross proceeds of approximately $115 million, inclusive of the full exercise of the over-allotment option by the underwriters.

The public offering placed 43.24-million shares priced at $2.66 each.

The company said it expects the proceeds of the offering to be used to support its growth into a scalable global prime contractor, including enhancing the ability to consider larger accretive acquisitions particularly in the US and Europe given the company's strengthened global profile, demonstrating a stronger balance sheet when bidding for larger governmental and commercial contracts and 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 Chief Executive Officer, Greg Reid. "With a fortified balance sheet, we are well-positioned to pursue strategic acquisitions, expand our global footprint, and deliver even greater value to our customers and shareholders."

The company's shares were last seen up $0.135 to $3.165 on the TSX Venture Exchange.

Price: 3.17, Change: +0.14, Percent Change: +4.46