Red Cat Holdings Inc (RCAT)

Shares of Red Cat Holdings Inc (RCAT) dropped by 27.63% from $0.7601 to $0.5501 in the trading on Thursday, December 7, 2023. The reason why RCAT is down today is due to the company's announcement of a public offering where it offered 16,000,000 shares of its common stock at a price of $0.50 per share, generating $8,000,000 in gross proceeds before underwriting expenses. All shares in the offering are from the company itself, and there's an option for underwriters to purchase an additional 2,400,000 shares. The funds raised will be used for general corporate purposes, including working capital. ThinkEquity is the sole book-running manager for the offering, which is expected to close on December 11, 2023.