ST. JOHN’S, Newfoundland and Labrador, June 27, 2024 (GLOBE NEWSWIRE) — Kraken Robotics Inc. (“Kraken” or the “Company”) (TSX-V: PNG, OTCQB: KRKNF) announces that its 2024 Annual and Special Meeting of Shareholders (the “Meeting”) was held virtually on Monday, June 24, 2024, at 1 pm EST. Shareholders voted in favour of all items put forward by the Board of Directors and Management. A total of 78,043,612 common shares were voted, representing 37.57% of total shares issued and outstanding as at the record date of the meeting.

Shareholders voted in favour of:

• Electing five directors, being Greg Reid, Shaun McEwan, Peter Hunter, Michael Connor, and Bernard Mills;
• The appointment of Ernst & Young LLP as Auditors of the Company and authorizing directors to fix the remuneration of the auditors;
• Approving the amended and restated stock option plan (the “Stock Option Plan”);
• Approving the restricted share unit plan (the “RSU Plan”); and
• Approving a consolidation of the common shares to occur as and when determined by the Board of Directors based on a ratio of between two to seven pre-consolidation shares for each post-consolidation share.

Amendment to the Stock Option Plan

The Stock Option Plan approved by shareholders at the Meeting included an amendment to require disinterested shareholder approval in the event that the term of an insider’s options is extended (the “Stock Option Plan Amendment”). The Stock Option Plan remains subject to the final approval of the TSX Venture Exchange.

Amendment to the RSU Plan

The RSU Plan approved by shareholders at the Meeting included the following amendments:

• Renewal of the RSU Plan, while still subject to shareholder approval on an annual basis in accordance with the policies of the TSX Venture Exchange, is no longer subject to disinterested shareholder approval;
• The Company may satisfy its obligations in respect of payment of dividends in cash; and
• Restricted share units shall not vest before the date that is one year following the date it is granted or issued.

The RSU Plan remains subject to the final approval of the TSX Venture Exchange.

ABOUT KRAKEN ROBOTICS INC.

Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company providing complex subsea sensors, batteries, and robotic systems. Our high-resolution 3D acoustic imaging solutions and services enable clients to overcome the challenges in our oceans – safely, efficiently, and sustainably. Kraken Robotics is headquartered in Canada and has offices in North and South America and Europe. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter.

LINKS:
www.krakenrobotics.com

SOCIAL MEDIA:
LinkedIn www.linkedin.com/company/krakenrobotics
Twitter www.twitter.com/krakenrobotics
Facebook www.facebook.com/krakenroboticsinc
YouTube www.youtube.com/channel/UCEMyaMQnneTeIr71HYgrT2A
Instagram www.instagram.com/krakenrobotics

Certain information in this news release constitutes forward-looking statements. When used in this news release, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company’s current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company’s public disclosure documents. Many factors could cause the Company’s actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange Inc. nor its Regulation Services Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and the OTCQB has neither approved nor disapproved the contents of this press release.

For further information:

Joe MacKay, Chief Financial Officer
(416) 303-0605
[email protected]

Greg Reid, President & CEO
(416) 818-9822
[email protected]

Sean Peasgood, Investor Relations
(647) 955-1274
[email protected]

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