Red Cat Holdings, Inc. - RCAT STOCK NEWS

Red Cat Holdings, Inc. (Nasdaq: RCAT) will join the Russell Microcap® Index effective June 28, 2021, following the annual reconstitution. This membership allows for automatic inclusion in related growth and value indexes, potentially increasing demand and liquidity for RCAT shares. The CEO, Jeffrey Thompson, emphasized the company’s strategic position in the burgeoning drone industry, while CFO Joseph Hernon noted the anticipated benefits for shareholders as index funds replicate the holdings. The Russell indexes benchmark approximately $10.6 trillion in assets.

On June 4, 2021, Red Cat Holdings announced the appointment of Dr. Allan Evans as Chief Operating Officer, overseeing operations across its subsidiaries, including Fat Shark. Dr. Evans, formerly CEO of Fat Shark, brings over a decade of experience in technology and engineering. His focus will be on strategic planning and the organic growth of Red Cat's consumer brands while enhancing enterprise services related to drone management. CEO Jeff Thompson expressed enthusiasm for Dr. Evans' leadership in driving the company’s future in UAV technology.

Red Cat Holdings, Inc. (Nasdaq: RCAT) will celebrate its recent Nasdaq listing by ringing the Closing Bell on May 26, 2021. CEO Jeff Thompson expresses pride in the achievement and anticipates significant growth in the drone industry over the next decade. Red Cat, a software and hardware provider for drones, operates through four subsidiaries, including Fat Shark Holdings and Rotor Riot, focusing on FPV technology and drone inspection services. The event will be broadcast live at 3:45 PM EST.

Red Cat Holdings, Inc. (Nasdaq: RCAT) has successfully completed the acquisition of Skypersonic, expanding its capabilities in the $21 billion inspection and survey market. Skypersonic's innovative Skyloc software allows drone inspections in GPS-restricted areas, enhancing operational efficiency. This acquisition is expected to significantly boost Red Cat's revenue growth in the upcoming fiscal year, which commenced on May 1, 2021. Notable customers of Skypersonic include industry giants like General Motors and Aramco.

Red Cat Holdings (NASDAQ: RCAT) has signed a letter of intent to acquire LuGus Studios, creator of the flight simulation platform Liftoff, enhancing drone pilot training capabilities. Liftoff allows users to learn drone operations without real-world risks, addressing the projected pilot shortage in the drone industry. LuGus Studios plans to launch Liftoff Academy, expanding training into various industrial environments. Completion of the acquisition is subject to due diligence and other closing conditions, making it non-binding at this stage.

Red Cat Holdings, Inc. (Nasdaq: RCAT) has successfully closed its underwritten public offering of 4,000,000 shares at $4.00 per share, generating gross proceeds of $16,000,000. The underwriters also received a 45-day option for an additional 600,000 shares. The funds will focus on enhancing service, sales, and marketing for Red Cat Drone Services, strategic acquisitions, and general working capital. The offering was conducted via a registration statement effective April 29, 2021, with the final prospectus filed on April 30, 2021.

Red Cat Holdings, Inc. (Nasdaq: RCAT) has finalized its underwritten public offering of 4,000,000 shares of common stock at $4.00 per share, generating gross proceeds of $16,000,000. The offering, set to close on May 4, 2021, includes an option for underwriters to purchase an additional 600,000 shares. The proceeds will fund service, sales, and marketing for Red Cat Drone Services, strategic acquisitions, and general working capital. Additionally, the company is set to begin trading on the Nasdaq Capital Market on April 30, 2021.

Red Cat Holdings, Inc. (OTCQB:RCAT) announced the issuance of U.S. Patent No. 10,877,162 for Skypersonic's drone technology, focusing on terrestrial positioning systems. This patent, effective since December 29, 2020, enhances Skypersonic's Skyloc system, allowing drones to transmit inspection data remotely. The technology is pivotal for inspections where GPS is unavailable and is being deployed in critical infrastructure across Europe. This acquisition aligns with Red Cat's strategy to solidify its technological foothold in the drone industry.

Red Cat Holdings (RCAT) reported record revenues exceeding $2 million for its fiscal third quarter, driven by contributions from its subsidiary Fat Shark, acquired in November 2020. The Rotor Riot subsidiary is projected to achieve record annual revenues by the end of April. However, the net loss for nine months ending January 31 totaled approximately $10 million, largely due to non-cash expenses, impacting shareholder outlook. The company anticipates revenue growth with the upcoming acquisition of Skypersonic, expected to close in April.