The Company will acquire Covelya Group for total consideration of $615 million, excluding transaction costs and subject to adjustment, of which $480 million will be paid in cash and $135 million will be satisfied through the issue of common shares of the Company (Common Shares, and such Common Shares the Consideration Shares) to the seller pursuant to a share purchase agreement dated March 3, 2026 (the Share Purchase Agreement), between Kraken, its subsidiary Kraken Robotic Systems Inc. and Sonardyne Holdings Limited. #### Acquisition Rationale - Positions Kraken as a major supplier of dual-use subsea technology. - Combined revenue of $365 million in 2025 with a Combined Adjusted EBITDA margin of 24%. - Acquiring a high-growth (24% revenue CAGR since 2023), profitable company with attractive margins. - Allows for deeper customer relationships in the fast-growing defense and maritime surveillance market. - Expands product offering and Kraken’s total addressable market in subsea technology.…