Red Cat Holdings announced a $200 million equity offering, causing its shares to fall 9% to $10.04 in after‑hours trading.
The stock closed down 2% at $11.03 in regular trading, trimming the year‑to‑date gain to roughly 39%.
Evercore and Bank of America are joint lead bookrunners, and the proceeds will fund general corporate purposes, acquisitions, expansion and R&D.