Simpson Thacher represented the underwriters, led by Evercore ISI and BofA Securities, in connection with the registered follow-on offering of 23,936,171 shares of common stock of Red Cat Holdings, Inc. ("Red Cat"). The offering raised approximately $225 million in gross proceeds. Red Cat intends to use the net proceeds from the offering for general corporate purposes and continued acceleration of strategic growth initiatives, including, but not limited to, acquisitions or business expansion, research and development, capital expenditures and working capital.
Red Cat is a U.S.-based provider of advanced all-domain drone and robotic solutions for defense and national security.
The Simpson Thacher team for the transaction included Roxane Reardon, Evan Zuckerman, Katie Byun and William Perrone (Capital Markets); Jonathan Cantor and Ruoxi Zhang (Tax); George Gerstein (Executive Compensation and Employee Benefits); Alysha Sekhon and Isabella Gonzalez (Intellectual Property); and Andrew Pagliughi (FINRA and Blue Sky). Tina Tang and Andres Cruz (Capital Markets) provided special assistance.