04:52 PM EDT, 09/17/2025 (MT Newswires) -- Red Cat ( RCAT ) said Wednesday it plans to offer and sell shares in an underwritten public offering.

The company expects to grant the underwriter a 30-day option to buy up to an additional 15% of the shares in the offering.

Net proceeds will be used for general corporate and working capital purposes, including operating expenditures and capital investments tied to its new unmanned surface vessel division, Red Cat ( RCAT ) said.

The company's shares were down more than 9% in after-hours activity.