Red Cat Holdings, Inc. (RCAT), a drone technology company, on Thursday announced that has entered into securities purchase agreements with certain institutional investors for the purchase and sale of 4,724,412 shares. The offering is expected to close around April 11.
Shares of Red Cat are dropping in the pre-market trading.
The company expects gross proceeds of approximately $30 million from the agreement.
The company plans to use the net proceeds for general business needs including working capital.
In the pre-market trading, Red Cat is down 6.71% at $6.95 on the Nasdaq.
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