Red Cat Holdings, which develops and sells drone software and products, announced terms for its IPO on Monday.
The Humacao, Puerto Rico-based company plans to raise $20 million by offering 4.9 million shares at $4.10, the April 23 close of its shares on the OTCQB (RCAT). At the midpoint of the proposed range, Red Cat Holdings would command a fully diluted market value of $160 million.
The company provides products, services, and solutions to the drone industry. It designs, develops, markets, and sells drone software and products, focusing on drones piloted with wearable display devices. It sells flight design cameras, video transmitters, goggles, as well as the mounts, airframes, and accessories to build or operate drone aircraft.
Red Cat Holdings was founded in 1984 and booked $3 million in sales for the 12 months ended January 31, 2021. It plans to list on the Nasdaq under the symbol RCAT. ThinkEquity is the sole bookrunner on the deal. It is expected to price during the week of April 26, 2021.
