Drone tech firm Red Cat descends on $225 mln stock sale

ReutersMay 13, 2026 10:55 AM

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Drone technology firm Red Cat's RCAT.O shares down 11.6% in premarket trading to $9.75 after overnight $225 mln follow-on priced

Salt Lake City, Utah-based RCAT late Tues sold ~23.94 mln shares at $9.40

Offering, which was increased from $200 mln, priced at 14.8% discount to stock's last sale

RCAT intends to use net offering proceeds for general corp purposes and growth initiatives, including acquisitions or business expansion, R&D, among other purposes

Evercore and BofA joint lead bookrunners

RCAT had ~122.7 mln shares outstanding prior to offering

At Tues close, stock up ~39% YTD

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

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