The news about a major new contract is almost always a source of interest for investors and hence, it could be a good idea to keep an eye on the Kraken Robotics Inc (OTCMKTS:KRKNF) stock. The company announced yesterday that it had bagged a contract worth $9.5 million from a navy in the Asia Pacific to supply high resolution solar mapping sonar equipment.
Market Action
On Wednesday, KRKNF stock rose 2.98% to $0.4206 with more than 59.28K shares, compared to volume of 59.80K shares. The stock moved within a range of $0.4024 – 0.4370 after opening trade at $0.4370.
Kraken Robotics Announces $9.5 Million Contract with the Navy of a Large Asia Pacific Country
The company stated that the identity of the client could not be revealed at the time. As per the provisions of the contract, Kraken Robotics would supply its KATFISH high speed mine hunting solution to the client. The contract also stipulates a range of sustainment and support services that include operational support, spares and training.
As per the terms of the acquisition contract, Kraken Robotics would also supply its KATFISH powered Autonomous Launch and Recovery System and Synthetic Aperture Sonar, Tentacle® Winch to the client in the second quarter of 2023. The contract was won by the company on the back of a successful demonstration that had taken place in the country where the client is based in the first quarter of the year. Kraken Robotics had worked with a local survey company.
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