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 up to an additional $30 million of shares at the public offering price, minus underwriting discounts and commissions.

The Salt Lake City-based company said 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. The shares will be offered through an automatically effective shelf registration statement filed with the Securities and Exchange Commission on May 12, 2026.

Red Cat noted the offering remains subject to market and other conditions, with no assurance regarding completion timing or final terms. The company operates through subsidiaries Teal Drones and FlightWave Aerospace, providing drone and robotic solutions for defense and national security applications.

The offering will be conducted through a prospectus and prospectus supplement, with a preliminary prospectus supplement to be filed with the SEC. Final terms will be disclosed in a final prospectus supplement to be filed with the SEC.

Red Cat develops hardware and software supporting military, government and public safety operations across air, land and sea domains. The company is expanding into maritime operations through Blue Ops Inc., focusing on uncrewed surface vessels.