Red Cat Holdings, which develops and sells drone software and products, filed on Thursday with the SEC to raise up to $20 million in an initial public offering. The company is currently listed on the OTCQB (RCAT).
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.
The Humacao, Puerto Rico-based company was founded in 1984 and booked $1 million in sales for the 12 months ended October 31, 2020. It plans to list on the Nasdaq under the symbol RCAT. ThinkEquity is the sole bookrunner on the deal. No pricing terms were disclosed.
