A Canadian tech company saw its shares briefly up over 75% on the day after it was announced that the company’s wholly-owned subsidiaries have been awarded $7.1 million for two contracts from the Newfoundland Offshore Oil and Gas Industry Recovery Assistance (OOGIRA) Fund. This sent shares of parent company Kraken Robotics Inc. (OTCQB:KRKNF) (TSX-Venture:PNG) soaring at the open.
Kraken Robotics is a Canada-based company engaged in the design, manufacture, and sale of software-centric sensors and underwater robotic systems. It operates in the business segments of Sensors and Platforms which is the design, manufacture, and sale and provision of services for underwater sonar and laser scanner sensor equipment and underwater vehicle platform; and Power which is the design, manufacture, and sale of subsea power equipment such as drives, thrusters, and batteries.
A majority of the revenue is derived from the Sensors and Platforms segment. Its products include AquaPix InSAS, KATFISH, ThunderFish, Tentacle Winch, and others. Geographically, the group operates in Canada, the United States, France, Italy, Israel, the United Kingdom, Germany, and other countries.
Traders were bullish on the news as shares briefly shot up to $0.53/share (+75.44%) immediately following the open. Though shares are currently trading at $0.3248 (+7.51%) at the time of writing, this momentary bullishness could be an indication of things to come in the future.