Red Cat Holdings, which develops and sells drone software and products, raised $16 million by offering 4 million shares at $4, below the last close of its shares on the OTCQB ($5.08). The company originally planned to offer 4.9 million shares. At pricing, Red Cat commands a fully diluted market value of $153 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 plans to list on the Nasdaq under the symbol RCAT. ThinkEquity acted as lead manager on the deal.
