Red Cat Prices 23.9M Shares at $9.40 Each, Raising $225M
Red Cat priced 23,936,171 shares of common stock at $9.40 per share, targeting gross proceeds of approximately $225.0 million with closing expected around May 14, 2026. The company also granted underwriters a 30-day option to purchase up to 3,590,425 additional shares.
1. Offering Details
Red Cat has priced an underwritten public offering of 23,936,171 common shares at $9.40 each, aiming to raise gross proceeds of about $225.0 million. The offering is scheduled to close on or about May 14, 2026, subject to customary conditions.
2. Use of Proceeds
Net proceeds will fund general corporate purposes and accelerate strategic growth initiatives, including acquisitions, research and development, capital expenditures and working capital.
3. Underwriter Option and Timeline
Underwriters hold a 30-day option to purchase up to 3,590,425 additional shares at the public offering price, with Evercore ISI and BofA Securities as joint lead bookrunners and Needham & Company and Northland Capital Markets as co-managers.