Red Cat Holdings, Inc. (NASDAQ: RCAT) disclosed that it is planning to sell shares of its common stock in an underwritten public offering. All of the shares of common stock are to be sold by the firm. The offering is dependent on certain market conditions and there can be no guarantee as to whether or when the offering may be executed, or as to the actual size or terms of the offering.
Red Cat Holdings disclosed that it is planning to utilize the profit from the offering for general business purposes. The sole book-running manager for the offering is ThinkEquity which is a division of Fordham Financial Management, Inc.
Red Cat Holdings, Inc. (NASDAQ: RCAT) shares were trading up 41.15% as the firm has gained +2.07 during the trading session of Friday. Red Cat Holdings, Inc. (NASDAQ: RCAT) share price went from a low point around $0.54 to briefly over $7.75 in the past 52 weeks, though shares have since pulled back to $7.10. Red Cat Holdings' market cap has stayed high, reaching $234.30 million at the time of writing.
The securities will be presented and dumped following a shelf registration statement on Form S-3. It includes a base prospectus, submitted with the U.S. SEC on May 17, 2021, and declared valid on June 14, 2021. The offering will be made only using a written booklet. An initial booklet supplement and an additional booklet explaining the terms of the offering have been or will be submitted to the SEC on its website.