Red Cat Holdings, Inc. (Nasdaq: RCAT) said it submitted and then withdrew a preliminary, non-binding proposal related to a potential transaction involving Steyr Motors AG, according to a statement from the company.

The Salt Lake City-based drone and robotics company said no definitive agreement was signed and that it currently has no active proposal outstanding with respect to Steyr Motors AG.

Red Cat said it regularly evaluates strategic opportunities, including acquisitions, partnerships, and investments, as part of its growth strategy. The company said it does not intend to comment further on market rumors, speculation, or potential transactions unless disclosure is required.