St. John's-based Kraken Robotics said Wednesday it has inked a deal to raise $10 million by selling shares to a consortium of underwriters led by investment bank Canaccord Genuity Corp. It will also buy another Newfoundland and Labrador company, PanGeo Subsea, in a cash and stock deal worth more than $14 million.
Kraken shares, which trade on the TSX Venture exchange, fell more than 17 percent on the news to 48 cents. The stock has been in steady decline since mid-February, when it traded for 99 cents, but its market capitalization is still more than $81 million.
Kraken manufactures