Red Cat Holdings Inc. (NASDAQ: RCAT) announced plans for an underwritten public offering of $200 million in common stock shares. The drone and robotics defense contractor also expects to grant underwriters a 30-day option to purchase an additional $30 million in shares at the public offering price, less 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 are being 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. A preliminary prospectus supplement describing the offering terms will be filed with the SEC.

The company develops drone and robotic solutions for defense and national security through subsidiaries Teal Drones and FlightWave Aerospace. Its product portfolio includes the Black Widow small unmanned aircraft system and maritime solutions through Blue Ops Inc.