<SEC-DOCUMENT>0001554795-20-000002.txt : 20200103
<SEC-HEADER>0001554795-20-000002.hdr.sgml : 20200103
<ACCEPTANCE-DATETIME>20200103172750
ACCESSION NUMBER:		0001554795-20-000002
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20191231
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200103
DATE AS OF CHANGE:		20200103

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Red Cat Holdings, Inc.
		CENTRAL INDEX KEY:			0000748268
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				860490034
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31587
		FILM NUMBER:		20506932

	BUSINESS ADDRESS:	
		STREET 1:		1607 PONCE DE LEON AVE
		STREET 2:		SUITE 407
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00909
		BUSINESS PHONE:		833-373-3228

	MAIL ADDRESS:	
		STREET 1:		1607 PONCE DE LEON AVE
		STREET 2:		SUITE 407
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00909

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TimefireVR Inc.
		DATE OF NAME CHANGE:	20161121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EnergyTEK Corp.
		DATE OF NAME CHANGE:	20140723

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BROADLEAF CAPITAL PARTNERS INC
		DATE OF NAME CHANGE:	20040928
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>rcat0103form8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Pursuant to Section 13 or 15(d) of the</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Date of Report (Date of earliest event reported): <B><U>December
31, 2019&#9;&#9;</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><U>Red Cat Holdings, Inc.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Exact name of registrant as specified in charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 34%; text-align: center"><FONT STYLE="font-size: 11pt"><B>Nevada</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 32%; text-align: center"><FONT STYLE="font-size: 11pt"><B>000-31587</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 32%; text-align: center"><FONT STYLE="font-size: 11pt"><B>86-0490034</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(State or other jurisdiction</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">of incorporation)</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Commission</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">File Number)</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(IRS Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Identification No.)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top; width: 50%">
        <P STYLE="font: 11pt/11.75pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>1607 Ponce de Leon Ave, Suite 407
        </B></P>
        <P STYLE="font: 11pt/11.75pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>San Juan, PR </B></P></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 49%; text-align: center"><FONT STYLE="font-size: 11pt"><B>00909</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Registrant&rsquo;s telephone number, including area code: <B><U>(833)
373-3228&#9;&#9;</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt"><B>N/A</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(Former name or former address, if changed since last report)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Securities registered pursuant to Section 12(b)
of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; border-top: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Title of each class</FONT></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Trading Symbol(s)</FONT></TD>
    <TD STYLE="width: 53%; border-top: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Name of each exchange on which registered</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: right; text-indent: 0.5in">Emerging growth
company &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If an emerging growth company, indicate by
check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.3in">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 1.01</B></TD><TD><B>Entry into a Material Definitive Agreement. </B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 31, 2019, Red Cat Holdings, Inc.,
a Nevada corporation (the &ldquo;Company&rdquo;), entered into an Agreement of Merger (the &ldquo;Merger Agreement&rdquo;) with
Rotor Riot Acquisition Corp., a newly-formed, wholly-owned Ohio subsidiary of the Company (&ldquo;Acquisition Sub&rdquo;), Rotor
Riot, LLC, an Ohio limited liability company (&ldquo;Rotor Riot&rdquo;), and the selling holder signatories thereto (the &ldquo;Members&rdquo;).
Pursuant to the terms of the Merger Agreement, the issued and outstanding membership interests of Rotor Riot held by the three
Members, which represents 100% of Rotor Riot&rsquo;s issued and outstanding membership interests, will be converted into shares
of common stock of the Company. Upon the consummation of the merger contemplated by the Merger Agreement (the &ldquo;Merger&rdquo;),
the Acquisition Sub will merge with and into Rotor Riot, a provider of high-performance FPV (first-person view) drone technology,
with Rotor Riot continuing as the surviving entity and a wholly-owned subsidiary of the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the closing of the Merger, each Member will
receive its pro rata portion of the total number of shares of the Company&rsquo;s common stock issued based on (A)(i) $3,700,000
minus, (ii) the aggregate amount of debt and other payables of the Company, which is expected not to exceed $700,000, divided by
(B) the VWAP of the Company&rsquo;s common stock for the twenty trading days prior to the closing date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the Company will agree to pay
all obligations of Rotor Riot, expected to be approximately $700,000. This will include the issuance to the principal Member of
Rotor Riot of a promissory note in the principal amount of $175,000, with $3,500 to be paid monthly, and the principal and any
accrued and unpaid interest being due on the earlier of (A) six months from the date of issuance and (B) the closing of an equity
offering by the Company of no less than $3,000,000. Interest shall accrue on the promissory note at the rate of 4.75% per annum.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The consummation of the Merger is subject to
the satisfaction by the parties of all of the closing conditions set forth in the Merger Agreement. The Merger Agreement contains
customary representations and warranties and pre- and post-closing covenants of each party and customary closing conditions. Breaches
of the representations and warranties will be subject to indemnification provisions; <I>provided, however</I>, that the maximum
amount that the Company is entitled to recover from Rotor Riot and the Members is 7.5% of the purchase price.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Merger is intended to be treated as a tax-free
reorganization under Section 368(a) of the Internal Revenue Code of 1986, as amended.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of the date of the Merger Agreement, there
were no material relationships between the Company or any of its affiliates and Rotor Riot, other than in respect of the Merger
Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The foregoing summary of the Merger Agreement
does not purport to be complete and is qualified in its entirety by reference to the Merger Agreement, a copy of which will be
filed as an exhibit to the Form 8-K the Company plans to file to report the closing of the Merger.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 7.01</B></TD><TD><B>Regulation FD Disclosure.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 3, 2020, the Company issued a press
release announcing the entry into the Merger Agreement and proposed acquisition of Rotor Riot. The text of the release is furnished
as Exhibit 99.1 and incorporated herein by reference.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The information in this Item 7.01 of this Form
8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed &ldquo;filed&rdquo; for the purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), nor shall it be deemed incorporated
by reference in any of the Company&rsquo;s filings under the Securities Act of 1933, as amended,
or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference
to this Form 8-K in such filing.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Cautionary Statements</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This filing includes &ldquo;forward-looking
statements.&rdquo; All statements other than statements of historical facts included or incorporated herein may constitute forward-looking
statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number
of risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are
reasonable, the Company can give no assurance that such expectations will prove to be correct. The forward-looking statements involve
risks and uncertainties that affect the Company&rsquo;s operations, financial performance, and other factors as discussed in the
Company&rsquo;s filings with the Securities and Exchange Commission (&ldquo;SEC&rdquo;). Among the factors that could cause results
to differ materially are those risks discussed in the periodic reports the Company files with the SEC. You are urged to carefully
review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading
&ldquo;Risk Factors.&rdquo; The Company does not undertake any duty to update any forward-looking statement except as required
by law.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.01</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; text-align: left"><FONT STYLE="font-size: 11pt"><U>Exhibit No.</U></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><FONT STYLE="font-size: 11pt"><U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">99.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Press Release, dated January 3, 2020.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;<BR STYLE="clear: both"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 11pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Date: January 3, 2020</P>

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    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>RED CAT HOLDINGS, INC.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt"><I>&nbsp;/s/ Jeffrey Thompson</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Jeffrey Thompson&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">President and Chief Executive Officer</P></TD></TR>
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<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0; text-align: left"></P>

<P STYLE="font: 14pt/112% Arial, Helvetica, Sans-Serif; margin: 0 0 15pt; text-align: center; background-color: white"><B>Red Cat
to Acquire Rotor Riot</B></P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Company announces merger agreement with
leader of high-performance FPV drone technology</I></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 11pt; background-color: white">SANTURCE, Puerto Rico -- January
3, 2020 -- <FONT STYLE="color: #1155CC"><U>Red Cat</U></FONT> Holdings, Inc. <FONT STYLE="font-size: 10.5pt; line-height: 115%; background-color: white">(OTC:
RCAT)</FONT>, a leading provider of distributed data storage, analytics and services for the drone industry, today announced it
has entered into an agreement to acquire <FONT STYLE="color: #1155CC"><U>Rotor Riot</U></FONT> <FONT STYLE="background-color: white">in
a stock and cash transaction. The companies expect the deal to close in mid-January.</FONT></P>

<P STYLE="text-align: justify; font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 11pt; background-color: white"><FONT STYLE="background-color: white">&ldquo;We
believe this deal is another significant milestone in our strategy to fuel rapid growth,&rdquo; said Jeff Thompson, CEO of Red
Cat. &ldquo;Rotor Riot is not only a leading provider of FPV and drone racing hardware, but the company is also a trusted resource
and deeply embedded in the global FPV community. Combining our companies will further align our SaaS platform and data capabilities
with cutting edge hardware available today, and provide a solid foundation for us to develop and engineer new and exciting technologies
for both the drone hobby lifestyle and commercial industry.&rdquo; </FONT></P>

<P STYLE="text-align: justify; font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 11pt; background-color: white"><FONT STYLE="background-color: white">Rotor
Riot&rsquo;s </FONT>revenue <FONT STYLE="background-color: white">grew approximately 44% year-over-year from 2018 to 2019 to approximately</FONT>
$2.6 million. <FONT STYLE="background-color: white">This transaction will provide the resources and combined expertise to drive
further growth for both companies. Red Cat will continue to build and accelerate its drone black box and SaaS business and utilize
its existing data analytics platform to develop a robust customer support system for Rotor Riot. As part of the deal, Chad Kapper
will continue as Rotor Riot&rsquo;s CEO.</FONT></P>

<P STYLE="text-align: justify; font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 11pt; background-color: white"><FONT STYLE="background-color: white">&ldquo;We
have unwavering confidence in the Rotor Riot team to continue building their brand, loyal community, and market-leading products
under the steadfast leadership of Chad Kapper and <FONT STYLE="color: #1155CC"><U>Drew Camden</U></FONT>,&rdquo; added Thompson.</FONT></P>

<P STYLE="text-align: justify; font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 11pt; background-color: white"><FONT STYLE="background-color: white">&ldquo;Rotor
Riot was started from the ground up to be a premier source for FPV freestyle drone content and products for the hobby and sport,&rdquo;
said Chad Kapper, CEO of Rotor Riot. &ldquo;We&rsquo;ve built a large online subscriber base and our goal is to continue to educate,
entertain and inspire the FPV community.&rdquo; </FONT></P>

<P STYLE="text-align: justify; font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 11pt; background-color: white"><FONT STYLE="background-color: white">&ldquo;As
an FPV pilot myself, getting to see Rotor Riot into this next phase is exhilarating. Our dream is to bring FPV drone sports to
the mainstream by inspiring people to embrace this hobby and help them overcome the barriers to entry. It&rsquo;s exciting to partner
with Red Cat because they share this vision and their resources will help us double down on our efforts,&rdquo; said Drew Camden,
President of Rotor Riot.</FONT></P>

<P STYLE="text-align: justify; font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 11pt; background-color: white"><FONT STYLE="background-color: white">In
2019, <FONT STYLE="color: #1155CC"><U>DJI</U></FONT>, the market leader in easy-to-fly drones and aerial photography systems, made
a significant entry into the FPV space with a new system that is helping more people than ever get into hobby. Rotor Riot worked
closely with DJI to create content that demonstrates the new system&rsquo;s capabilities and both companies plan to further support
each other moving forward.</FONT></P>

<P STYLE="text-align: justify; font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 11pt; background-color: white"><FONT STYLE="background-color: white">Following
this partnership with DJI, Rotor Riot saw record sales during Q4 2019. Rotor Riot also furthered its expansion into the mainstream
consumer retail market with its <FONT STYLE="color: #1155CC"><U>wired video game and drone controller</U></FONT> now also available
in the Apple Store and Best Buy.</FONT></P>

<P STYLE="text-align: justify; font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 11pt; background-color: white"><FONT STYLE="background-color: white">On
the professional FPV racing front, Rotor Riot Team Pilot <FONT STYLE="color: #1155CC"><U>Alex Vanover</U></FONT> won the Drone
Racing League World Championships on December 29th, 2019. Alex is the youngest pilot in DRL at age 19, with MultiGP National Championships
to his name. The Rotor Riot gear and set up that Vanover uses can be found here: <FONT STYLE="color: #1155CC"><U>https://rotorriot.com/collections/captain-vanovers-setup</U></FONT>.</FONT></P>

<P STYLE="text-align: justify; font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B>About Red Cat</B></P>

<P STYLE="text-align: justify; font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">Red Cat (OTC: RCAT) is a leading provider
of secure blockchain-based distributed storage, analytics and SaaS for the drone industry. Through its innovative products and
leadership, Red Cat provides solutions for regulators to track and review flight data, insurance companies to insure drones, and
pilots to become compliant with regulations. Red Cat's success is driven by a commitment to deliver unrivaled innovation that makes
drones trackable, accountable and the sky a safer place. Red Cat is headquartered in San Juan, Puerto Rico. For more information,
visit www.redcatpropware.com.</P>

<P STYLE="text-align: justify; font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="background-color: white"><B>Forward-Looking
Statements </B></FONT></P>

<P STYLE="text-align: justify; font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="background-color: white">Certain
statements contained in this press release are &quot;forward-looking statements&quot; within the meaning of applicable federal
securities laws, including, without limitation, anything relating or referring to future financial results and plans for future
business development activities, and are thus prospective. Forward-looking statements are inherently subject to risks and uncertainties,
some of which cannot be predicted or quantified based on current expectations. Such risks and uncertainties include, without limitation,
the risks and uncertainties set forth from time to time in reports filed by the Company with the Securities and Exchange Commission.
Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no
assurance that such expectations will prove to have been correct. Consequently, future events and actual results could differ materially
from those set forth in, contemplated by, or underlying the forward the forward-looking statements contained herein. The Company
undertakes no obligation to publicly release statements made to reflect events or circumstances after the date hereof.</FONT></P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 11pt; background-color: white"><FONT STYLE="background-color: white"><B>Investor
Relations Contact Information:</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="background-color: white">Red
Cat Inc.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="background-color: white">Cobian's
Plaza, </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="background-color: white">1607
Avenida Juan Ponce de Le&oacute;n, </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="background-color: white">San
Juan, PR 00909</FONT></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 11pt; background-color: white"><FONT STYLE="background-color: white">Investors@redcat.red</FONT></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 11pt; background-color: white"><FONT STYLE="background-color: white"><B>PR
Contact Information:</B></FONT></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="background-color: white">Todd
Barrish</FONT></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="background-color: white">Indicate
Media</FONT></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="background-color: white">todd@indicatemedia.com</FONT></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="background-color: white">917-861-0089</FONT></P>



<P STYLE="margin: 0; text-align: left"><B>&nbsp;</B></P>

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