BOSTON –Troutman Pepper Locke advised Kraken Robotics Inc. (Kraken) (TSX-V: PNG) in completing its previously announced public offering of subscription receipts. Pursuant to the offering, Kraken 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 of their over-allotment option. The subscription receipts were issued at a price of C$8.50 per subscription receipt, for total gross proceeds of approximately C$402.5 million. For more information, see the press release.
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 C$615 million, excluding transaction costs and subject to customary adjustments. The acquisition is anticipated to close in the second quarter of 2026.
The Troutman Pepper Locke team that advised Kraken included Tom Rose, Charlene Goldfield, Dan Anziska, Jack Taylor, Lani Blake, Michael Seymour, Pete Jeydel, Hilary Cairnie, Bryan Williamson, Mat Saykiewicz, Emily Schifter, and Barbara Sicalides.
Consistently recognized as a top-tier practice, Troutman Pepper Locke’s corporate attorneys regularly handle strategic deals for clients ranging from industry leading, Fortune 100 corporations to emerging companies. Core areas of service include mergers and acquisitions, corporate finance, corporate governance, securities laws compliance, capital markets transactions, and other significant domestic and cross-border transactions, as well as general corporate counseling.
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