Kraken Robotics Inc. (TSXV: PNG; OTCQB: KRKNF) has filed a prospectus supplement dated March 5, 2026, for an offering of 41,177,000 subscription receipts priced at C$8.50 each, for aggregate gross proceeds of C$350,004,500. Each subscription receipt entitles the holder to receive one common share upon satisfaction of specified release conditions. The offering is being conducted to partially finance the company's proposed acquisition of Covelya Group Limited.

Scotia Capital Inc. and Desjardins Securities Inc. are serving as joint lead underwriters and joint bookrunners, alongside Canaccord Genuity Corp., Jefferies Securities, Inc., TD Securities Inc., Cormark Securities Inc., Raymond James Ltd., and National Bank Financial Inc. The underwriters have been granted an over-allotment option to purchase up to an additional 6,176,550 subscription receipts, which, if exercised in full, would bring total gross proceeds to approximately C$402.5 million. The underwriting commission is set at 4% of gross proceeds, yielding net proceeds to the company of approximately C$336 million before offering expenses estimated at C$850,000.

Closing of the offering was expected on or about March 12, 2026. On March 4, 2026, the last trading day prior to filing, Kraken's common shares closed at C$9.15 on the TSXV and US$6.67 on the OTCQB, equivalent to approximately C$9.11. Gowling WLG (Canada) LLP is acting as legal counsel to the company, while Goodmans LLP is counsel to the underwriters.