Red Cat Holdings Announces Pricing of $150,000,000 Public Offering of Common Stock

SAN JUAN, Puerto Rico, Sept. 18, 2025 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or “Company”), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, announced today the pricing of an underwritten public offering of 15,625,000 shares of common stock at a price to the public of $9.60 per share. The gross proceeds from the offering to the Company are expected to be approximately $150 million, before deducting underwriting discounts and commissions and other offering expenses. The offering is expected to close on or about September 19, 2025, subject to customary closing conditions. In addition, Red Cat has granted the underwriters a 30-day option to purchase up to 2,343,750 additional shares of common stock at the public offering price, less the underwriting discount.

The Company intends to use net proceeds from the offering for general corporate and working capital purposes, including but not limited to operating expenditures related to its new unmanned surface vessel division.

Northland Capital Markets is acting as sole bookrunner and Ladenburg Thalmann & Co. Inc. is acting as co-manager for this transaction.

A shelf registration statement on Form S-3 relating to the securities offered in the public offering described above was filed with the Securities and Exchange Commission (the “SEC”) on September 15, 2025 (File No. 333- 290259) and declared effective by the SEC on September 17, 2025. The offering will be made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov. A final prospectus supplement and accompanying prospectus will be filed with the SEC. Copies of the final prospectus supplement and the accompanying prospectus, when available, may also be obtained from Northland Securities, Inc., 150 South Fifth Street, Suite 3300, Minneapolis, MN. The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC.