Kraken Robotics Inc. (TSX:PNG) (OTC:KRKNF) Stock Jumps After Capital Raise Update

Investors are almost always on the lookout for stocks with momentum, and if you are looking for such a stock this morning, then Kraken Robotics Inc. (TSX: PNG) (OTC: KRKNF) could be the one to watch. The stock gained strong momentum yesterday following a major announcement.

Capital Raise Update

The company announced that it had been successful in filing a final short-form prospectus dated October 16, 2024, with the securities commissions for all the Canadian provinces other than Quebec. The prospectus had been filed in connection with its bought deal public offering of common shares worth $45 million. Kraken Robotics stated that the shares would be offered for $1.6 each by way of a group of underwriters.

Key Details

The underwriters would be headed by Cormack Securities Inc. The other members of the group of underwriters would include Beacon Securities Limited, Scotia Capital Inc., Canaccord Genuity Corp., and Raymond James Ltd.

Additionally, the underwriters had also been granted the option to pick up a maximum of 15% of the offered common shares on the same terms. The options could be exercised up until 30 days since the closing of the offering. The offering would be made available in all the provinces of Canada bar Quebec and could also be offered to interested parties in the United States.