Kraken has completed its acquisition of PGH Capital Inc.
PanGeo is a services company specializing in high-resolution 3D acoustic imaging solutions for the sub-seabed with offices in St. John’s, Newfoundland and Aberdeen, United Kingdom. Under Kraken’s ownership, PanGeo will continue to operate as a trusted name in sub-seabed imaging and will complement Kraken's turnkey offering of high-resolution subsea imaging services.
Karl Kenny, Kraken President and CEO commented on the acquisition.
“We are pleased to have completed this acquisition and to welcome the PanGeo employees to the Kraken team. Together we offer a holistic solution of world-leading technologies and services in subsea acoustic and optical imaging, autonomous robotics, and subsea batteries for customers in the defense and commercial markets. We are also excited for the increased exposure to the offshore renewable energy market and believe we can bring technologies to bear that will drive down customer costs, improve safety, and reduce their emissions footprint.”
All common shares issued in connection with the transaction are subject to a four-month hold period from the date of issuance.
In connection with the acquisition, Kraken’s Board of Directors has approved the issuance of 1,000,000 options to an officer of PanGeo. These options have a five-year term and an exercise price of $0.50 per common share.
Kraken Robotics is a marine technology company focused on software-centric sensors, subsea batteries and thrusters, and underwater robotic systems.
PanGeo Subsea, now a wholly-owned subsidiary of Kraken, is a leading services company specializing in sub-seabed high-resolution 3D acoustic imaging solutions.
Kraken Robotics Inc. (PNG) opened trading at C$0.47 per share.