Red Cat Holdings, Inc. (NASDAQ: RCAT) has announced a registered direct offering of 4,724,412 shares of common stock, with an expected gross proceeds of approximately $30 million. The offering is anticipated to close on or about April 11, 2025, subject to customary closing conditions. The net proceeds from this offering will be utilized for general corporate purposes, including working capital.
Northland Capital Markets is serving as the exclusive placement agent for this transaction. This offering is being made under an effective shelf registration statement on Form S-3 (file no. 333-283242), which was declared effective by the Securities and Exchange Commission (SEC) on December 11, 2024.
Red Cat Holdings, Inc., a drone technology company integrating robotic hardware and software for military, government, and commercial operations, has developed a leading-edge family of systems, including the flagship Black Widow™, a small unmanned ISR system awarded the U.S. Army's Short Range Reconnaissance (SRR) program of record contract. The family of systems also includes Trichon™, a fixed-wing VTOL for extended endurance and range, and Fang™, the industry's first line of NDAA compliant FPV drones optimized for military operations with precision strike capabilities.
The press release does not include any financial metrics from the previous period to compare with the current offering. As a result of these announcements, the company's shares have moved 6.2% on the market, and are now trading at a price of $6.16. Check out the company's full 8-K submission here.
