Kraken Closes Equity Financing with Ocean Infinity
- Business & Finance
Kraken Robotics has closed the non-brokered private placement offering with Ocean Infinity for aggregate gross proceeds of $2.3 million.
“Kraken is very pleased to have completed this financing with our customer Ocean Infinity,” said Karl Kenny, Kraken’s president and CEO. “The financing strengthens our balance sheet with a patient investor and supportive customer and validates our strategic efforts to build a vertically integrated offering of sensors, software and systems for the underwater robotics market. We will continue to work with Ocean Infinity to help provide its customers an efficient, differentiated service offering, leveraging a variety of products and services developed by Kraken.”
The Offering was comprised of 11,520,000 units at a purchase price of $0.20 per unit.
According to Kraken, all proceeds raised from the sale of the units will be used by the company to build inventory and general corporate and working capital purposes.