<SEC-DOCUMENT>0001554795-23-000358.txt : 20231206
<SEC-HEADER>0001554795-23-000358.hdr.sgml : 20231206
<ACCEPTANCE-DATETIME>20231206172840
ACCESSION NUMBER:		0001554795-23-000358
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20231206
DATE AS OF CHANGE:		20231206

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Red Cat Holdings, Inc.
		CENTRAL INDEX KEY:			0000748268
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				880490034
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-256216
		FILM NUMBER:		231470572

	BUSINESS ADDRESS:	
		STREET 1:		15 AVE. MUNOZ RIVERA
		STREET 2:		STE 2200
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00901-2510
		BUSINESS PHONE:		833-373-3228

	MAIL ADDRESS:	
		STREET 1:		15 AVE. MUNOZ RIVERA
		STREET 2:		STE 2200
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00901-2510

	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>424B5
<SEQUENCE>1
<FILENAME>rcat1206prospectus424b5_1.htm
<DESCRIPTION>PROSPECTUS SUPPLEMENT AMENDMENT NO. 1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Filed Pursuant to Rule 424(b)(5)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Registration No. 333-256216 </B></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"><B>Amendment No. 1 to Prospectus
Supplement dated August 8, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(to Prospectus dated June 14, 2021)</B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Up to $4,375,000 </B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Common Stock</B></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-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="image_002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0pt 2pt"><B>Red Cat Holdings, Inc.</B></P>

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

<P STYLE="border-bottom: Black 1pt solid; font: 1pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: 0.2pt">This
Amendment No. 1 to Prospectus Supplement amends the prospectus supplement dated August 8, 2023. This Amendment to Prospectus Supplement
should be read in conjunction with the prospectus supplement dated August 8, 2023 (the &ldquo;Prospectus Supplement&rdquo;) and the prospectus
dated June 14, 2021, each of which are to be delivered with this amendment to prospectus supplement. This amendment to prospectus supplement
amends only those sections of the Prospectus Supplement listed in this amendment; all other sections of the Prospectus Supplement remain
as is. We have entered into an ATM Sales Agreement with ThinkEquity LLC (&ldquo;ThinkEquity&rdquo; or the &ldquo;Sales Agent&rdquo;) relating
to shares of our common stock offered by this Amendment to Prospectus Supplement, the Prospectus Supplement and the accompanying prospectus.
In accordance with the terms of the ATM Sales Agreement, we may offer and sell shares of our common stock, par value $0.001 per share,
having an aggregate offering price of up to $4,375,000 from time to time through ThinkEquity. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.2pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our common stock is listed on
The Nasdaq Capital Market under the symbol &ldquo;RCAT.&rdquo; On December 1, 2023, the last reported sale price of our common stock on
The Nasdaq Capital Market was $0.8877 per share.</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; text-indent: 0.5in">Sales of our common stock, if
any, under this Amendment to Prospectus Supplement, the Prospectus Supplement, and the accompanying prospectus may be made at market prices
by any method permitted by law that is deemed an &ldquo;at the market offering&rdquo; as defined in Rule&nbsp;415(a)(4) promulgated under
the Securities Act of 1933, as amended, or the Securities Act. <FONT STYLE="letter-spacing: 0.2pt">ThinkEquity</FONT> is not required
to sell any specific number or dollar amount of our common stock but will act as sales agent using commercially reasonable efforts, consistent
with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of Nasdaq. There
is no arrangement for funds to be received in any escrow, trust or similar arrangement.</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; text-indent: 0.5in"><FONT STYLE="letter-spacing: 0.2pt">ThinkEquity</FONT>
will be entitled to compensation at a commission rate equal to 2.5% of the gross sales price per share sold under the Sales Agreement.
See &ldquo;Plan of Distribution&rdquo; beginning on S-7 of the Prospectus Supplement for additional information regarding <FONT STYLE="letter-spacing: 0.2pt">ThinkEquity</FONT>&rsquo;s
compensation. In connection with the sale of our common stock on our behalf, <FONT STYLE="letter-spacing: 0.2pt">ThinkEquity</FONT> may
be deemed to be an &ldquo;underwriter&rdquo; within the meaning of the Securities Act and the compensation of <FONT STYLE="letter-spacing: 0.2pt">ThinkEquity</FONT>
will be deemed to be underwriting commissions or discounts. We have also agreed to provide indemnification and contribution to <FONT STYLE="letter-spacing: 0.2pt">ThinkEquity</FONT>
with respect to certain liabilities, including liabilities under the Securities Act and the Exchange Act.</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; text-indent: 0.5in">We are a smaller reporting company
under Rule 405 of the Securities Act and, as such, have elected to comply with certain reduced public company reporting requirements for
this prospectus, the documents incorporated by reference herein and future filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Investing in our common stock involves a high degree
of risk. See &ldquo;Risk Factors&rdquo; beginning on page S-4 of the Prospectus Supplement and the documents incorporated by reference
into the Prospectus Supplement for a discussion of information that you should consider in connection with an investment in our common
stock.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this Amendment to Prospectus Supplement
or the Prospectus Supplement is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ThinkEquity</B></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TABLE OF CONTENTS </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Amendment No. 1 to Prospectus Supplement</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; width: 48px"><FONT STYLE="font-size: 10pt"><B>Page</B>&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">Summary of the Offering</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">S-1</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">S-2</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Dilution</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">S-2</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: center"></P>

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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 218.9pt; padding-left: 219.5pt; text-align: center; line-height: 10.6pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 218.9pt; padding-left: 219.5pt; text-align: center; line-height: 10.6pt"><FONT STYLE="font-size: 9.5pt"><B><BR>
Summary of the Offering</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; padding-left: 0.5pt; line-height: 10.65pt"><FONT STYLE="font-size: 9.5pt"><B>Common stock offered by us:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid">
    <P STYLE="font: 9.5pt/10.65pt Times New Roman, Times, Serif; margin: 0 0 0 5.65pt">Shares of our common stock having an aggregate offering
    price of up to $4,375,000.</P>
    <P STYLE="font: 9.5pt/10.65pt Times New Roman, Times, Serif; margin: 0 0 0 5.65pt">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid">
    <P STYLE="font: 9.5pt/10.65pt Times New Roman, Times, Serif; margin: 0 0 0 0.5pt"><B>Shares of common stock outstanding prior to the</B></P>
    <P STYLE="font: 9.5pt/10.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0 0.5pt"><B>offering:</B></P>
    <P STYLE="font: 9.5pt/10.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0 0.5pt"><B>&nbsp;</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid">
    <P STYLE="font: 9.5pt/10.5pt Times New Roman, Times, Serif; margin: 0 0 0 5.65pt">55,762,655 shares</P>
    <P STYLE="font: 9.5pt/10.5pt Times New Roman, Times, Serif; margin: 0 0 0 5.65pt">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 4.35pt; padding-left: 0.5pt; line-height: 10.65pt"><FONT STYLE="font-size: 9.5pt"><B>Shares of common stock outstanding after the offering:&#9;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid">
    <P STYLE="font: 9.5pt/10.5pt Times New Roman, Times, Serif; margin: 0.3pt 21.65pt 0 9.15pt; text-align: justify">Up to 64,662,058, assuming
    sales of 8,899,403 shares of common stock in this offering at a price of $0.8877 per share, which was the closing price of our common stock
    on the Nasdaq on December 1, 2023. The actual number of shares issued will vary depending on the sales prices under this offering.</P>
    <P STYLE="font: 9.5pt/10.5pt Times New Roman, Times, Serif; margin: 0.3pt 21.65pt 0 9.15pt; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; padding-left: 0.5pt; line-height: 10.65pt"><FONT STYLE="font-size: 9.5pt"><B>Manner of Offering:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid">
    <P STYLE="font: 11pt/10.5pt Times New Roman, Times, Serif; margin: 0.3pt 21.65pt 0 5.65pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.2pt">&ldquo;At
the market offering&rdquo; that may be made from time to time through ThinkEquity. See &ldquo;Plan of Distribution&rdquo; beginning on
page&nbsp;S-7 of this prospectus supplement.</FONT></P>
    <P STYLE="font: 9.5pt/10.5pt Times New Roman, Times, Serif; margin: 0.3pt 21.65pt 0 5.65pt; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; padding-left: 0.5pt; line-height: 10.65pt"><FONT STYLE="font-size: 9.5pt"><B>Use of proceeds:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid">
    <P STYLE="font: 10pt/102% Times New Roman, Times, Serif; margin: 0 21.65pt 0 5.65pt; text-align: justify"><FONT STYLE="letter-spacing: 0.2pt">We
    intend to use the net proceeds from this offering for general corporate purposes, working capital, operating expenses, and capital expenditures.
    See the &ldquo;Use of Proceeds&rdquo; section in this prospectus supplement for a more complete description of the intended use of proceeds
    from this offering.</FONT></P>
    <P STYLE="font: 10pt/102% Times New Roman, Times, Serif; margin: 0 21.65pt 0 5.65pt; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; padding-left: 0.5pt; line-height: 10.65pt"><FONT STYLE="font-size: 9.5pt"><B>Nasdaq symbol:</B></FONT><B><FONT STYLE="font-size: 10pt">&#9;</FONT></B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 21.65pt; padding-left: 5.65pt; text-align: justify; line-height: 102%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9.5pt; line-height: 102%">Our common stock is listed on the Nasdaq Capital Market under the symbol &ldquo;RCAT&rdquo;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9.5pt; line-height: 102%">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; padding-left: 0.5pt; line-height: 10.65pt"><FONT STYLE="font-size: 9.5pt"><B>Risk factors:</B></FONT><B><FONT STYLE="font-size: 10pt">&#9;</FONT></B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 21.65pt; padding-left: 5.65pt; text-align: justify; line-height: 102%"><FONT STYLE="font-size: 9.5pt; line-height: 102%">Investing in our securities involves a high degree of risk and purchasers of our securities may lose their entire investment. See &ldquo;Risk Factors&rdquo; and <FONT STYLE="letter-spacing: -0.2pt">the </FONT>other information included and incorporated by reference into this prospectus supplement for a discussion of risk factors you should carefully consider before deciding to invest in our securities.</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-left: Black 1pt solid; width: 43%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; width: 56%">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid">&nbsp;<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 4.75pt 2pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
number of shares of our common stock that will be outstanding immediately after this offering is based on 55,762,655 shares of common
stock outstanding as of December 4, 2023 and excludes the following:</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.75pt 2pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&bull;
6,861,517 shares of common stock issuable upon exercise of outstanding
options under our equity incentive plans at a weighted-average exercise price of $1.54 per share</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.75pt 2pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&bull;
1,539,999 shares of common stock issuable upon exercise of outstanding warrants with a weighted-average exercise price of $3.83.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.75pt 2pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&bull;
3,896 shares of common stock issuable upon conversion of outstanding shares of our Series B Preferred Stock;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.75pt 2pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&bull;662,136
shares of common stock awarded under employment agreements which have not yet been issued.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.75pt 2pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

</TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 4.75pt 2pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.75pt 2pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.75pt 2pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>

<P STYLE="font: bold 9.5pt Times New Roman, Times, Serif; margin: 4.75pt 31.75pt 0 32.7pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 9.5pt Times New Roman, Times, Serif; margin: 4.75pt 31.7pt 0 32.7pt; text-align: center">USE OF PROCEEDS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt/102% Times New Roman, Times, Serif; margin: 0 7.6pt 0 8.25pt; text-align: justify; text-indent: 31.7pt"><FONT STYLE="letter-spacing: -0.4pt">We
</FONT>estimate that the net proceeds from this offering will be approximately $4,158,125 after deducting estimated <FONT STYLE="letter-spacing: -0.1pt">underwriting
</FONT>discounts and estimated offering expenses payable by us. We intend to use the net proceeds of this offering for general corporate
purposes and working capital and capital expenditures.</P>

<P STYLE="font: 9.5pt/102% Times New Roman, Times, Serif; margin: 0 7.6pt 0 8.25pt; text-align: justify; text-indent: 31.7pt">&nbsp;</P>

<P STYLE="font: 9.5pt/102% Times New Roman, Times, Serif; margin: 0 7.6pt 0 8.25pt; text-align: justify; text-indent: 31.7pt">As of the
date of this prospectus supplement, we cannot specify with certainty all of the particular uses for the net proceeds to be received upon
the completion of this offering. The amounts and timing of our actual expenditures will depend on numerous factors, including the status
of our product development efforts, sales and marketing activities, technological advances, the amount of cash generated or used by our
operations and competition. Accordingly, our management will have broad discretion in the application of the net proceeds and investors
will be relying on the judgment of our management regarding the application of the proceeds of this offering.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9.5pt/102% Times New Roman, Times, Serif; margin: 0.05pt 7.4pt 0 8.25pt; text-align: justify; text-indent: 31.7pt">Pending
our use of the net proceeds from this offering, we intend to invest the net proceeds in a variety of capital preservation investments,
including short-term, investment-grade, interest-bearing instruments and U.S. government securities.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: bold 9.5pt Times New Roman, Times, Serif; margin: 0 31.7pt 0 32.7pt; text-align: center">DILUTION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt/102% Times New Roman, Times, Serif; margin: 0 7.35pt 0 8.25pt; text-align: justify; text-indent: 31.7pt">If you
invest in our common stock in this offering, your interest will be diluted to the extent of the difference between the public offering
price per share of common stock and the as adjusted net tangible book value per share of common stock immediately after this offering.</P>

<P STYLE="font: 9.5pt/102% Times New Roman, Times, Serif; margin: 4.75pt 7.45pt 0 8.25pt; text-align: justify; text-indent: 31.7pt">Our
net tangible book value is the amount of our total tangible assets less our total tangible liabilities. Our net tangible book value as
of July 31, 2023 was $25,915,428, or ($0.47) per share of common stock. Net tangible book value per share represents the amount of total
tangible assets, minus the amount of total tangible liabilities, divided by the total number of shares of common stock outstanding. Pro
forma net tangible book value per share is calculated after giving effect to the conversion of all of our outstanding preferred shares.
Dilution is determined by subtracting pro forma net tangible book value per share from the public offering price per share.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9.5pt/101% Times New Roman, Times, Serif; margin: 0.05pt 7.15pt 0 8.25pt; text-align: justify; text-indent: 31.7pt"><FONT STYLE="letter-spacing: 0.2pt">Without
taking into account any other changes in such net tangible book value after April 30, 2023, other than to give effect to our issuance
and sale of 4,928,467 shares of common stock in this offering at an assumed public offering price of US$0.8877 per share, the last price
for our common stock on December 1, 2023, and after deduction of underwriting discounts and commissions and estimated offering expenses
payable by us, our pro forma as adjusted net tangible book value as </FONT><FONT STYLE="letter-spacing: -0.3pt">of July 31, 2023</FONT>
<FONT STYLE="letter-spacing: 0.2pt">would have been US$0.50 per outstanding share of common stock. This represents an immediate increase
in net tangible book value of US$0.03 per share to existing shareholders and an immediate dilution in net tangible book value of US$0.39
per share to purchasers of common stock in this offering.</FONT></P>

<P STYLE="font: 9.5pt/101% Times New Roman, Times, Serif; margin: 0.05pt 7.15pt 0 8.25pt; text-align: justify; text-indent: 31.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0"></P>

<!-- Field: Page; Sequence: 4 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 4.8pt; margin-bottom: 0; text-align: center"><B>Up to $4,375,000 </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 4.8pt; margin-bottom: 0; text-align: center"><B>Common Stock</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 4.8pt; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

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

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; text-align: center; margin-top: 0.35pt; margin-bottom: 0"><IMG SRC="image_003.jpg" ALT=""><BR STYLE="clear: both">
</P>

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

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

<P STYLE="text-align: center; font: 12.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>

<P STYLE="font: 15.5pt Times New Roman, Times, Serif; margin-top: 4.65pt; margin-bottom: 0; text-align: center"><B>Red Cat Holdings, Inc.</B></P>

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

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

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

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

<P STYLE="text-align: center; font: 9.5pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 9.5pt Times New Roman, Times, Serif; border-collapse: collapse; width: 42%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-top: Black 1pt solid; width: 100%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><B>AMENDMENT NO. 1 TO PROSPECTUS SUPPLEMENT</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; text-align: center; margin-top: 0.35pt; margin-bottom: 0"><BR STYLE="clear: both"><BR STYLE="clear: both"></P>

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

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

<P STYLE="text-align: center; font: 14pt Times New Roman, Times, Serif; margin-top: 0.15pt; margin-bottom: 0"><B>&nbsp;</B></P>

<P STYLE="font: 15.5pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0; text-align: center"><B>ThinkEquity</B></P>

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

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

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

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">December 6, 2023</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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











































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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
