<SEC-DOCUMENT>0001554795-21-000217.txt : 20210604
<SEC-HEADER>0001554795-21-000217.hdr.sgml : 20210604
<ACCEPTANCE-DATETIME>20210604171811
ACCESSION NUMBER:		0001554795-21-000217
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210603
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210604
DATE AS OF CHANGE:		20210604

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:	001-40202
		FILM NUMBER:		21997421

	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>rcat0604form8k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM&nbsp;8-K</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section&nbsp;13 or 15(d)&nbsp;of</B>
t<B>he Securities Exchange Act of 1934</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Date of Report (Date of earliest event reported): <B><U>June 3, 2021</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>RED CAT HOLDINGS</U>, <U>INC.</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; width: 34%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Nevada</U></B><BR>
(State or other<BR>
jurisdiction of incorporation)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>814-00175</U></B><BR>
(Commission<BR>
File Number)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>86-0490034</U></B><BR>
(I.R.S. Employer<BR>
Identification No.)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; width: 50%">
    <P STYLE="font: 11pt/11.75pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>370 Harbour Drive, Palmas del Mar</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Humacao, PR</U></B><BR>
    (Address of principal executive offices)</P></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 49%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>00791</U></B><BR>
(Zip Code)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">Check the appropriate box below
if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(<I>see</I>&nbsp;General Instruction A.2. below):</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Written
communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Soliciting
material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Securities registered pursuant to Section 12(b) of the Act:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-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: 11pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 33%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 21%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 46%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title of each class</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trading Symbol(s)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Common stock, par value $0.001</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">RCAT</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Nasdaq Capital Market</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt 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&nbsp;405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule&nbsp;12b-2 of
the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 1.5in 0 0; text-align: right; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Emerging
growth company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.5in 0 3in; text-align: right">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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&nbsp;13(a)&nbsp;of the Exchange Act.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B>Section 5 &ndash; Corporate Governance
and Management</B></P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 5.02 &nbsp;Departure of Directors
or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</B></P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B>&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective June 3, 2021, our Board of Directors appointed
Allan Evans to serve as our new Chief Operating Officer, effective immediately.</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>Dr. Allan Evans</B>, our newly-appointed Chief
Operating Officer, is a serial entrepreneur with a history of founding and leading technology innovation. He has served as Chief Executive
Officer of our subsidiary, Fat Shark Holdings, Ltd. (&ldquo;Fat Shark&rdquo;) since 2017 and has more than a decade's worth of experience
in design, engineering, and emerging technologies. From August 2017 to October 2020, Dr. Evans served as a board member for Ballast Technologies,
a company that specialized in technology for location-based entertainment. In November 2012, he co-founded Avegant, a technology company
focused on developing next-generation display technology to enable previously impossible augmented reality experiences. He led design,
development, and initial production of the glyph head mounted display and oversaw technology research and patent strategy while serving
as Chief Technology Officer of Avegant until 2016.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dr. Evans received a PhD and M.S. degree in electrical
engineering from the University of Michigan and has a B.S. degree from Michigan State University. Dr. Evans has 38 total patents that
cover a range of technologies from implantable medical devices to mixed reality headsets. Academically, his work has an h-index of 14,
an i-index of 24, and has been cited in almost 800 publications. He has extensive experience with new technologies, engineering, business
development, and corporate strategy and his expertise in these areas strengthens the company&rsquo;s collective knowledge and capabilities.</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">As described in our Current Report on Form 8-K filed
January 13, 2021, Dr. Evans currently serves as the Chief Executive Officer of our subsidiary, Fat Shark Holdings, Ltd., under an Employment
Agreement dated January 11, 2021. Following his appointment as our new COO, Mr. Evans will continue serve and be compensated in his role
as CEO of Fat Shark Holdings under his existing Employment Agreement. Additional compensation for Mr. Evans&rsquo; service as our COO,
if any, has not been determined at this time.</P>

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

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Section 7 &ndash; Regulation FD</B></P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 7.01 &nbsp;Regulation FD Disclosure</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">On June 4, 2021, we released the press release furnished
herewith as Exhibit 99.1.</P>

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

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Section 9 &ndash; Financial Statements and
Exhibits</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Item. 9.01. &nbsp;Financial Statements and Exhibits.</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Exhibit No.</U></FONT></TD>
    <TD STYLE="width: 77%; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Description</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">99.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Press Release</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Date: June 4, 2021</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>RED CAT HOLDINGS, INC.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 42%">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;/s/ Jeffrey M. Thompson</I></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Jeffrey M. Thompson</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;President and Chief Executive Officer </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

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<TYPE>EX-99.1
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<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

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

<P STYLE="font: 16pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Red Cat Holdings Announces Appointment Of Allan
Evans As Chief Operating Officer</B></P>

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

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">HUMACAO, Puerto Rico, June 4, 2021 /PRNewswire/
-- Red Cat Holdings, Inc. (Nasdaq: RCAT) (&quot;Red Cat'' or the &quot;Company&quot;), a hardware enabled software provider to the drone
industry, announced that Dr. Allan Evans, Chief Executive Officer of Fat Shark Holdings, Ltd. (&ldquo;Fat Shark&rdquo;), a wholly owned
subsidiary, will transition to the role of Chief Operating Officer of Red Cat, where he will oversee operations for all four subsidiaries.</P>

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

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">&quot;I
am excited to join Red Cat&rsquo;s executive management team as Chief Operating Officer. My efforts will focus on strategic planning,
coordination, and execution of our company&rsquo;s future direction,&rdquo; stated Dr. Evans. &ldquo;Our strategy is to maintain the organic
growth and profitability of our well established consumer brands and services, while cultivating the potential of our enterprise services
that aim to empower individuals and organizations to easily manage and utilize fleets of drones.&rdquo;</FONT></P>

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

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&ldquo;Allan is one of the most knowledgeable
and competent experts and engineers in the drone industry.&rdquo; stated Jeff Thompson, CEO of Red Cat. &ldquo;We are thrilled to have
Allan assume this new role. As a highly trained engineer and executive we are fortunate to have Allan leading our efforts into the future
of UAV drone technology.&rdquo;</P>

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

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Dr. Evans is a serial entrepreneur with a history
of founding and leading technology innovation. He has served as CEO of Fat Shark since 2017 and has more than a decade's worth of experience
in design, engineering, and emerging technologies. From August 2017 to October 2020, Dr. Evans served as a board member for Ballast Technologies,
a company that specializes in technology for location-based entertainment. In November 2012, he co-founded Avegant, a company focused
on developing next-generation display technology to enable previously impossible augmented reality experiences. He led design, development,
and initial production of the glyph head mounted display and oversaw technology research and patent strategy while serving as Chief Technology
Officer of Avegant until 2016.</P>

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

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Dr. Evans holds a PhD and M.S. degree in electrical
engineering from the University of Michigan and a B.S. degree from Michigan State University. Dr. Evans has 38 total patents that cover
a range of technologies from implantable medical devices to mixed reality headsets. Academically, his work has an h-index of 14, an i-index
of 24, and has been cited in almost 800 publications. He has extensive experience with new technologies, engineering, business development,
and corporate strategy and his expertise in these areas strengthens the collective knowledge and capabilities of the management team.</P>

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

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

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Red Cat provides products, services and solutions
to the drone industry through its four wholly owned subsidiaries. Fat Shark Holdings is the leading provider of First Person View (FPV)
video goggles to the drone industry. Rotor Riot, LLC is a leader in the sale of FPV drones and equipment, primarily to the consumer marketplace
through its digital storefront located at www.rotorriot.com. Rotor Riot enjoys high visibility in social media through its Facebook page
and its sponsorship of a professional drone racing team which has won numerous championships. Skypersonic provides software and hardware
solutions that enable drones to complete inspection services in locations where GPS is not available, yet still record and transmit data
even while being operated from thousands of miles away. Red Cat Propware is developing a Software-as-a-Solution (&quot;SaaS&quot;) platform
to provide drone flight data analytics and storage, as well as diagnostic products and services. Learn more at https://www.redcatholdings.com/.</P>

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

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

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Forward Looking Statements</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This press release contains &quot;forward-looking
statements&quot; that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained
in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by
the use of words such as &quot;anticipate,&quot; &quot;believe,&quot; &quot;contemplate,&quot; &quot;could,&quot; &quot;estimate,&quot;
&quot;expect,&quot; &quot;intend,&quot; &quot;seek,&quot; &quot;may,&quot; &quot;might,&quot; &quot;plan,&quot; &quot;potential,&quot;
&quot;predict,&quot; &quot;project,&quot; &quot;target,&quot; &quot;aim,&quot; &quot;should,&quot; &quot;will&quot; &quot;would,&quot;
or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking
statements are based on Red Cat Holdings, Inc.'s current expectations and are subject to inherent uncertainties, risks and assumptions
that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove
to be accurate. These and other risks and uncertainties are described more fully in the section titled &quot;Risk Factors&quot; in the
final prospectus related to the public offering filed with the Securities and Exchange Commission. Forward-looking statements contained
in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required
under applicable law.</P>

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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Contact:</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Chad Kapper</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Phone: (818) 906-4701</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">E-mail: Investors@redcat.red</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Website: https://rotorriot.com</P>

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

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Investor Relations Contact</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Bruce Haase</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">RedChip Companies</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Phone: (407) 712-8965</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Email: bruce@redchip.com</P>

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