Drone tech co Red Cat tumbles on $200 mln stock offering

ReutersMay 12, 2026 8:32 PM

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Shares of drone technology firm Red Cat Holdings RCAT.O down 9% at $10.04 post-market as it seeks equity

Salt Lake City, Utah-based co announces $200 mln stock offering

Intends to use net offering proceeds for general corp purposes, continued acceleration of growth initiatives, including acquisitions or business expansion, R&D, among other purposes

Evercore and BofA joint lead bookrunners

RCAT stock closed down 2% at $11.03 on Tues, reducing YTD gain to ~39%

With ~122.7 mln shares outstanding, co has roughly $1.4 bln market cap

Of 4 analysts covering RCAT, 1 rates "strong buy", 3 rate "buy"; median PT $20, per LSEG data

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