01:32 PM EDT, 07/30/2024 (MT Newswires) -- Red Cat ( RCAT ) shares were down more than 6% in recent Tuesday trading after the firm said it could not file the Form 10-K for the year ended April 30 within the prescribed time period because its prior auditor, BF Borgers, is not currently permitted to appear or practice before the Securities and Exchange Commission.

The drone technology company said it needs additional time to incorporate the financial statements in the Form 10-K, which are being prepared by its new auditor. It expects to file the report within the extension period of 15 calendar days.

In a separate press statement, Red Cat ( RCAT ) said it will report its financial results for the year ended April 30 on Aug. 8.

Price: 2.07, Change: -0.14, Percent Change: -6.33