Red Cat Holdings Inc. (RCAT) prices 16M share offering at $0.50

Red Cat Holdings, Inc. (Nasdaq: RCAT) announced the pricing of its previously announced underwritten public offering of 16,000,000 shares of its common stock at a public offering price of $0.50 per share, for gross proceeds of $8,000,000, before deducting underwriting discounts, commissions and offering expenses. All of the shares of common stock are being offered by the Company. In addition, the Company has 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. The offering is expected to close on December 11, 2023, subject to satisfaction of customary closing conditions.

The Company intends to use the proceeds from the offering 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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