02:17 PM EDT, 09/18/2025 (MT Newswires) -- (Updates with stock price movement in the headline and the first paragraph.)

Red Cat ( RCAT ) shares were down over 8% in recent trading Thursday after it priced an underwritten public offering of about 15.6 million shares at $9.60 per share for gross proceeds of about $150 million.

The company said net proceeds from the offering, which is expected to close Friday, will be used for working capital, including expenses related to its new unmanned surface vessel division.

Red Cat ( RCAT ) also said it granted underwriters a 30-day option to purchase up to about 2.3 million additional shares at the offering price, excluding the underwriting discount.

Price: 10.34, Change: -0.93, Percent Change: -8.23