Red Cat Holdings, a drone products developer, has filed Amendment No 3 to Form S-1 Registration Statement on April 26, 2021 with the U.S. Securities and Exchange Commission to announce terms for its IPO.
The company plans to raise $20 million by offering 4.9 million shares at a price of $4.10.Assuming a successful IPO at the midpoint of the proposed price, the company expects a market capitalization of $160 million. The company focuses on drones piloted with wearable display devices.
Their head-mounted displays give pilots “first-person view” (“FPV”) perspective to control their drone in flight. The drone remote control unit, the drone device, and the FPV goggles are all inter-connected via radio.
The Humacao, Puerto Rico-based company 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 Capital Market under the symbol “RCAT.” ThinkEquity is the underwriter of the IPO.
The company engages Crone Law Group, P.C. as US Securities Counsel, and BF Borges, CPA, PC as Independent Auditor.
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