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GGAU 0.190 +0.0% KIRO 0.640 +0.0% LBNK 0.435 +1.2% BARU 0.040 +0.0% VCU 1.10 −3.5% NOBL 0.100 +0.0% SHL 0.360 +1.4% MTS 0.130 +0.0% FYL 0.090 +0.0% NUAG 5.23 −4.0% CAM 0.330 −1.5% SYH 0.395 −2.5% LOT 0.040 +0.0% CPL 0.180 −5.3% OTMC 0.410 +2.5% PEX 0.180 −2.7% GGAU 0.190 +0.0% KIRO 0.640 +0.0% LBNK 0.435 +1.2% BARU 0.040 +0.0% VCU 1.10 −3.5% NOBL 0.100 +0.0% SHL 0.360 +1.4% MTS 0.130 +0.0% FYL 0.090 +0.0% NUAG 5.23 −4.0% CAM 0.330 −1.5% SYH 0.395 −2.5% LOT 0.040 +0.0% CPL 0.180 −5.3% OTMC 0.410 +2.5% PEX 0.180 −2.7%
Financings

Kraken Robotics closes subscription receipt offering

By The Northwire Desk — AI Analysis Mar 12, 2026 · 20:02 PNG · 9.62 Kraken Robotics Inc
PNG · Price

Executive Summary

  • Kraken Robotics Inc. closed a public offering of 47,353,550 subscription receipts at $8.50 per receipt, generating approximately $402.5 million in gross proceeds.
  • The net proceeds are designated to partially fund the cash portion of Kraken's acquisition of Covelya Group Ltd., a provider of underwater technology solutions, for total consideration of approximately $615 million.
  • The acquisition is expected to close in the second quarter of 2026, with subscription receipts trading on the TSX Venture Exchange under the symbol PNG.R.

Key Details

  • Offering Structure: Issuance of 47,353,550 subscription receipts, including 6,176,550 receipts from the full exercise of the underwriters' overallotment option.
  • Price and Proceeds: Sold at $8.50 per subscription receipt for total gross proceeds of approximately $402.5 million.
  • Use of Proceeds: Net proceeds to partially finance the cash portion of the acquisition of Covelya Group Ltd.
  • Acquisition Details:
    • Target: Covelya Group Ltd. (leading international provider of mission-critical underwater technology solutions).
    • Total Consideration: Approximately $615 million (excluding transaction costs and subject to customary adjustments).
    • Anticipated Closing: Second quarter of 2026.
  • Subscription Receipt Terms:
    • Each receipt entitles the holder to one common share of Kraken upon satisfaction/waiver of conditions (excluding payment of purchase price and conditions satisfied at completion).
    • Escrow: Gross proceeds less 50% of underwriter commissions and certain expenses deposited in escrow with Computershare Trust Company of Canada.
    • Refund Condition: If release conditions are not satisfied/waived by 5 p.m. EST on Dec. 31, 2026, or if the acquisition is terminated, holders receive the offering price plus pro rata interest earned on escrowed funds, and receipts are cancelled.
  • Underwriters: Co-led by Scotiabank and Desjardins Capital Markets; includes Canaccord Genuity Corp., Jefferies Securities Inc., TD Securities Inc., Cormark Securities Inc., Raymond James Ltd., and National Bank Financial Inc.
  • Trading Information: Subscription receipts began trading on the TSX Venture Exchange under symbol PNG.R (Cusip: 50077N 12 8, ISIN: CA 50077N 12 8 9).

Notable Quotes

  • No direct quotes from executives were included in the provided text.
Read the original news release →

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