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.