Update: Red Cat Plans $200 Million Share Offering; Shares Drop Pre-Bell

MT Newswires Live05-13 16:31

(Updates with recent stock movement in the headline and the last paragraph)

Red Cat (RCAT) said Tuesday it plans to sell $200 million in shares through an underwritten public offering.

The company also expects to give underwriters a 30-day option to buy up to an additional $30 million in shares at the public offering price, excluding discounts and commissions.

Red Cat said it plans to use the proceeds for general corporate purposes, including acquisitions, business expansion, research and development, capital spending and working capital.

Shares of the company fell more than 10% in recent pre-bell activity Wednesday.

Price: 9.91, Change: -1.12, Percent Change: -10.15

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