Mr. Greg Reid reports

KRAKEN ROBOTICS ANNOUNCES REGULATORY APPROVAL OF ITS ACQUISITION OF COVELYA GROUP

Kraken Robotics Inc. has received all regulatory and stock exchange approvals required to complete its pending acquisition of Covelya Group Ltd. announced on March 3, 2026.

The company expects the acquisition to close on July 2, 2026, subject to satisfaction of customary closing conditions.

"We are excited to have received final regulatory approval for our highly strategic and transformative acquisition of Covelya Group," said Greg Reid, president and chief executive officer of Kraken Robotics. "Upon closing, our focus will shift to welcoming Covelya's employees and to creating a global leader in mission-critical solutions for underwater platforms and subsea sensors/monitoring systems."

About Kraken Robotics Inc.

Kraken Robotics is transforming subsea intelligence through 3-D imaging sensors, power solutions and robotic systems. The company's products and services enable clients to overcome the challenges in our oceans -- safely, efficiently and sustainably.

Kraken's synthetic aperture sonar, sub-bottom imaging and lidar (light detection and ranging) systems offer best-in-class resolution, providing critical insights into ocean safety, infrastructure and geology. The company's revolutionary pressure tolerant batteries deliver high-energy-density power for UUVs and subsea energy storage.

Kraken is headquartered in Canada with offices in North America, South America and Europe, supporting clients in more than 30 countries worldwide.

On March 3, 2026, Kraken announced the acquisition of Covelya Group, a leading international provider of mission-critical underwater technology solutions operating through its subsidiary companies: Sonardyne International Ltd., EIVA A/S, Forcys Ltd., Wavefront Systems Ltd., Voyis Imaging Inc. and Chelsea Technologies Ltd.

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