Red Cat Holdings, Inc. (NASDAQ: RCAT) has just announced a registered direct offering of 4,724,412 shares of common stock, which is expected to result in approximately $30 million in gross proceeds. The offering is anticipated to close on or about April 11, 2025, subject to customary closing conditions. The company intends to utilize the net proceeds from the offering for general corporate purposes, including working capital.
This offering is being made pursuant to 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.
Northland Capital Markets is acting as the exclusive placement agent for the transaction. The final prospectus supplement and the accompanying prospectus relating to the registered direct offering will be filed with the SEC and will be available on the SEC’s website. Additionally, electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained from Northland Securities, Inc.
Red Cat Holdings, Inc. (NASDAQ: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through its wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, the company has developed a leading-edge family of systems, including the flagship Black Widow™, a small unmanned ISR system that was 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 market has reacted to these announcements by moving the company's shares -1.5% to a price of $6.07. Check out the company's full 8-K submission here.
