Red Cat completes $172.5 million stock offering with full underwriter option

Red Cat Holdings Inc. (NASDAQ: RCAT) completed a public offering of 17,968,750 shares of common stock, generating gross proceeds of approximately $172.5 million before deducting underwriting discounts and other expenses.

The drone technology company said underwriters exercised their full option to purchase an additional 2,343,750 shares on September 19. Northland Capital Markets served as sole bookrunner while Ladenburg Thalmann & Co. Inc. acted as co-manager for the transaction.

The company plans to use net proceeds for general corporate and working capital purposes, including operating expenditures related to its unmanned surface vessel division. Red Cat integrates robotic hardware and software for military, government, and commercial operations through subsidiaries Teal Drones and FlightWave Aerospace.

The offering was conducted under a shelf registration statement filed with the Securities and Exchange Commission on September 15 and declared effective on September 17. The registration statement carried file number 333-290259.

Red Cat develops drone and robotic solutions for defense and national security applications across air, land, and sea domains. The company recently expanded into maritime operations through Blue Ops, Inc., developing uncrewed surface vessels.

You May Also Be Interested In

• Amtech Systems closes $60 million public stock offering
• LIXTE Biotechnology raises $16.6 million through registered direct offering
• BrightSpring stockholders plan 15 million share secondary offering