Red Cat prices $150 million public offering at $9.60 per share

Red Cat Holdings Inc. (NASDAQ: RCAT) priced an underwritten public offering of 15,625,000 shares of common stock at $9.60 per share, the drone technology company announced. The offering is expected to generate gross proceeds of approximately $150 million before underwriting discounts and other expenses.

The offering is scheduled to close on or about September 19, 2025, subject to customary closing conditions. Red Cat granted underwriters a 30-day option to purchase up to 2,343,750 additional shares at the public offering price, less the underwriting discount.

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 develops drone and robotic solutions for military, government, and commercial operations through subsidiaries Teal Drones and FlightWave Aerospace.

Northland Capital Markets serves as sole bookrunner for the transaction, with Ladenburg Thalmann & Co. Inc. acting as co-manager. The Securities and Exchange Commission declared effective a shelf registration statement filed September 15, 2025, related to the securities offered.

Red Cat filed a preliminary prospectus supplement with the SEC, which is available on the SEC's website. The company will file a final prospectus supplement disclosing the offering's final terms.

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