Kraken Robotics Inc. shareholders approved all proposals at its annual and special meeting held on June 24, 2026, including the adoption of a new omnibus incentive plan and the reappointment of Ernst & Young LLP as auditor. A total of 133,635,867 common shares, representing approximately 43.50% of the Company’s issued and outstanding common shares, were represented in person or by proxy at the meeting.

Voting Results

Shareholders approved the number of directors to be fixed at seven. Each of the seven nominees were elected to hold office until the next annual meeting of shareholders.

Auditor Reappointment

Shareholders approved the reappointment of Ernst & Young LLP as the Company’s auditor for the ensuing year and authorized the directors to fix the auditor’s remuneration. The proposal received 99.28% of votes for.

Omnibus Incentive Plan

Shareholders approved the adoption of the Company’s new omnibus incentive plan, which replaces the existing Stock Option Plan and RSU plan. The plan permits the issuance of options, restricted share units (RSUs), performance share units (PSUs), and deferred share units (DSUs). It is a rolling equity incentive plan reserving for issuance up to 10% of the Company’s issued and outstanding common shares from time to time. The plan remains subject to final TSX Venture Exchange approval.

Amended and Restated By-Law

Shareholders confirmed the Company’s amended and restated by-law, which became effective upon approval. The new by-law replaces the previous by-law in place since 2015 and introduces an advance notice requirement for nominations of directors, among other governance measures. The new by-law remains subject to final TSXV approval.

Kraken Robotics Inc. has secured all necessary regulatory and stock exchange approvals to complete its acquisition of Covelya Group Limited. The transaction, initially announced on March 3, 2026, is anticipated to close on July 2, 2026, pending the satisfaction of customary closing conditions. This strategic move aims to establish a global leader in mission-critical solutions for underwater platforms and subsea sensors and monitoring systems.

Greg Reid, President and CEO of Kraken Robotics, highlighted the transformative nature of the acquisition. He stated that upon closing, the company's focus will shift to integrating Covelya's employees and leveraging combined capabilities. The acquisition targets Covelya Group, a provider of underwater technology solutions operating through several subsidiaries.

Covelya Group Subsidiaries

The acquisition includes multiple subsidiary companies operating under the Covelya Group umbrella. The following table outlines the key entities involved:

Strategic Rationale

Kraken Robotics specializes in subsea intelligence, offering 3D imaging sensors, power solutions, and robotic systems. The company's product portfolio includes synthetic aperture sonar, sub-bottom imaging, and LiDAR systems. By acquiring Covelya Group, Kraken aims to enhance its offerings in ocean safety, infrastructure, and geology insights. The combined entity will support clients across more than 30 countries.