Red Cat (NASDAQ: RCAT) has announced the pricing of its underwritten public offering of 16,000,000 shares of its common stock, each at a public offering price of $0.50, for gross proceeds of $8,000,000. According to the announcement, all of the shares of common stock are being offered by the company. In addition, Red Cat granted the underwriters a 45-day option to purchase up to an additional 2,400,000 shares of common stock at the public offering price less discounts and commissions, to cover over-allotments. Subject to the satisfaction of customary conditions, the offering is expected to close on Dec. 11, 2023. The company intends to use the proceeds for general corporate purposes, including working capital, unless otherwise indicated in a prospectus supplement. ThinkEquity is acting as sole book-running manager for the offering.
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About Red Cat Holdings Inc.
Red Cat is a drone technology company integrating robotic hardware and software for military, government and commercial operations. Red Cat’s solutions are designed to “Dominate the Night(TM)” and include the Teal 2, a small unmanned system offering the highest-resolution thermal imaging in its class. For more information about the company, visit www.RedCatHoldings.com.
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