08:59 AM EDT, 03/12/2026 (MT Newswires) -- Kraken Robotics ( KRKNF ) said Thursday that its subscription receipts offering raised $402.5 million. The company issued 47.4 million receipts at $8.50 each, which included the full exercise of the over-allotment option.

Proceeds will partially fund the cash portion for the $615 million acquisition of Covelya Group, a provider of mission-critical underwater technology solutions. The acquisition is anticipated to close in the second quarter of this year.

Each subscription receipt entitles the holder to receive one Kraken share when acquisition conditions are fulfilled. The receipts will begin trading on the TSX Venture Exchange under the symbol "PNG.R today.