What’s Going on with Red Cat Holdings, Inc.?
Red Cat Holdings, Inc. (RCAT) announced late July 16 a proposed public offering of the company’s common stock. The firm, which is a technology provider in the drone industry, will be the sole seller of shares being offered. During extended-hours trading this morning, RCAT shares declined 38.45%, down to $4.37 per share.
What Does This Mean for RCAT?
Fordham Financial Management’s boutique investment bank ThinkEquity will be acting as the sole book-running manager for this proposed offering. Red Cat plans to use the net proceeds from the public offering principally for general corporate purposes.
On Sunday, July 18, Red Cat released the pricing for its proposed underwritten public offering. The offering will see the firm sell 13,333,334 shares of common stock at a price of $4.50 per share, adding up to “gross proceeds of approximately $60,000,000.” Red Cat has also given the underwriters a 45-day option to buy “up to an additional 2,000,000 shares of common stock to cover over-allotments at the offering price, less the underwriting discount.”
RCAT has an Overall Score of 65. Find out what this means to you and get the rest of the rankings on RCAT!
Red Cat is a leading provider of secure blockchain-based distributed storage, analytics and SaaS for the drone industry. Through its innovative products and leadership, Red Cat provides solutions for regulators to track and review flight data, insurance companies to insure drones, and pilots to become compliant with regulations. Red Cat's success is driven by a commitment to deliver unrivaled innovation that makes drones trackable, accountable and the sky a safer place. Red Cat is headquartered in San Juan, Puerto Rico. For more information, visit www.redcatpropware.com.
