Kraken Robotics secures $9M follow-on contract from NATO Navy

Sep. 06, 2022 6:33 AM ETKraken Robotics Inc. (KRKNF), PNG:CABy: Meghavi Singh, SA News Editor1 Comment
  • Kraken Robotics (OTCQB:KRKNF) said Tuesday that it has signed a follow-on contract to supply minehunting systems as part of a contract for new Mine Countermeasure Vessels (MCMVs) for a leading NATO Navy.
  • As part of this new contract, Kraken will deliver additional KATFISH™, Tentacle® Winch and ALARS and topside systems.
  • Kraken’s sonar equipment will be integrated onboard new MCMVs, with deliveries occurring in 2023 and 2024.
  • Concurrently, Kraken has issued 100K stock options to an employee. The options have a five-year term, with vesting in three equal instalments consisting of six months from the date of grant and on the one and two-year anniversaries of the initial grant at an exercise price of $0.37.

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