Glenn Mattson

Ashok Kumar

Mike Latimore

Carlo Corzine

Kevin Mac

Tim White

- Red Cat Holdings, Inc. announced and closed a public offering of **17,968,750 shares** of common stock, including the full exercise of the underwriters' option to purchase additional shares.  **[748268_0001104659-25-091647_tm2526539d1_ex99-3.htm:0]** **[748268_0001104659-25-091647_tm2526539d1_8k.htm:1]** 
- The shares were priced at **$9.60 per share**.  **[748268_0001104659-25-091647_tm2526539d1_ex99-2.htm:0]** **[748268_0001104659-25-091647_tm2526539d1_8k.htm:1]** 
- The offering resulted in approximately **$172.5 million** in gross proceeds to the company.  **[748268_0001104659-25-091647_tm2526539d1_ex99-3.htm:0]** **[748268_0001104659-25-091647_tm2526539d1_8k.htm:1]** 
- Net proceeds are intended for **general corporate and working capital purposes**, specifically including operating expenditures and capital investments for its new unmanned surface vessel division.  **[748268_0001104659-25-091647_tm2526539d1_ex99-2.htm:0]** **[748268_0001104659-25-091647_tm2526539d1_ex99-1.htm:0]** **[748268_0001104659-25-091647_tm2526539d1_ex99-3.htm:0]** **[748268_0001104659-25-091647_tm2526539d1_8k.htm:1]** 
- The offering closed on **September 19, 2025**.  **[748268_0001104659-25-091647_tm2526539d1_ex99-3.htm:0]** **[748268_0001104659-25-091647_tm2526539d1_8k.htm:1]**

Red Cat Holdings Closes Public Offering of Common Stock

- **Red Cat Holdings** (Nasdaq: RCAT) announced a **strategic collaboration with Safe Pro Group Inc.** (Nasdaq: SPAI) to embed Safe Pro's **AI-powered image analysis technology** into Red Cat's **Black Widow drones**.  **[748268_fdc1109037fa4a9bad6b752971a25471_0]** 
- This integration will enable the Black Widow drones to **rapidly identify and locate over 150 types of explosive threats**, including landmines and unexploded ordnance, in real-time for U.S. and allied ground personnel.  **[748268_fdc1109037fa4a9bad6b752971a25471_0]** 
- Safe Pro's Object Threat Detection (SPOTD) system, which will be integrated, is powered by a dataset of **over 1.88 million drone images analyzed** and **34,200+ threats identified** across **8,119 hectares in Ukraine**.  **[748268_fdc1109037fa4a9bad6b752971a25471_0]**

Red Cat Holdings Announces Strategic Collaboration with Safe Pro Group

- Red Cat Holdings' subsidiary Teal Drones' **Black Widow™ System** has been approved and added to the **NATO Support and Procurement Agency (NSPA) catalogue**.  **[748268_55a0dca7b15e4e1590a43d0a1b31536d_0]** 
- This designation enables **NATO member nations** and eligible partners to procure the Black Widow through NSPA-managed channels, simplifying cross-border acquisition.  **[748268_55a0dca7b15e4e1590a43d0a1b31536d_0]** 
- The inclusion is based on a **3-year contract** with options for **2 additional years** at NSPA’s discretion.  **[748268_55a0dca7b15e4e1590a43d0a1b31536d_1]** 
- The Black Widow is a **U.S.-manufactured** small uncrewed aerial system (sUAS) that was selected by the U.S. Army for its Short Range Reconnaissance (SRR) program.  **[748268_55a0dca7b15e4e1590a43d0a1b31536d_0]**

Red Cat Holdings (RCAT)