Red Cat Holdings Inc. (NASDAQ: RCAT) announced plans for an underwritten public offering of $200 million in common stock shares. The drone and robotics company also expects to grant underwriters a 30-day option to purchase an additional $30 million in shares at the public offering price, minus underwriting discounts and commissions.

The Salt Lake City-based company filed an automatically effective shelf registration statement with the Securities and Exchange Commission on May 12, 2026. The offering remains subject to market and other conditions, with no assurance regarding completion timing or final terms.

Red Cat stated it intends to use net proceeds for general corporate purposes and strategic growth initiatives, including acquisitions, business expansion, research and development, capital expenditures and working capital.

Evercore ISI and BofA Securities are serving as joint lead bookrunners for the offering. A preliminary prospectus supplement describing the offering terms will be filed with the SEC and made available on the agency's website.

Red Cat provides drone and robotic solutions for defense and national security through subsidiaries Teal Drones and FlightWave Aerospace. The company develops hardware and software supporting military, government and public safety operations across air, land and sea domains. Its product portfolio includes the Black Widow small unmanned aircraft system and maritime solutions through Blue Ops Inc.

The company's final offering terms will be disclosed in a final prospectus supplement to be filed with the SEC. The announcement states the press release does not constitute an offer to sell or solicitation to buy securities.