(Note: This is NOT a traditional IPO. This is a NASDAQ uplisting from the OTCQB. IPOScoop has “NO CALL” on this offering because it is an uplisting. The assumed public offering price is $4.10, where Red Cat’s shares closed on April 23, 2021, on the OTCQB. The company describes this as “a firm commitment initial public offering.” IPOScoop typically does not cover firm commitment deals. The listing here is a professional courtesy.)

We develop drones – both the products and the software. The company’s business is to provide products, services and solutions to the drone industry. We design, develop, market, and sell drone software and products. Our business emphasis focusses on drones piloted with wearable display devices. These are head mounted displays (“HMDs”) for pilots. HMDs give pilots “first person view” (“FPV”) perspective to control their drone in flight. This is a unique experience where the pilot is interacting with an aircraft through visual immersion. In this augmented virtual reality, the pilot sees only what the drone sees, as if sitting in the pilot seat. This experience is accomplished by live streaming footage from a camera mounted on the nose of the drone directly into specially designed goggles worn by the pilot. The image is transmitted via radio (traditionally analog but increasingly digital) to the pilot. The drone remote control unit, the drone device, and the FPV goggles are all inter-connected via radio. This effect requires sophisticated electronics that transmits visual information with sufficient speed and reliability to allow pilot control over the drone in real-time. Pilots routinely achieve speeds of over 90 mph in racing and other mission critical applications. An FPV pilot must experience a near complete transfer of their visual consciousness into the body of their piloted device.

**Revenue and net loss figures are for the nine months ended Jan. 31, 2021, according to the prospectus.

**We are a Nevada corporation, originally incorporated in 1984 under the name Oravest International, Inc. in the state of Colorado, and subsequently renamed TimefireVR, Inc. in November 2016, and thereafter renamed Red Cat Holdings, Inc. in July 2019.

(Note: Red Cat Holdings priced its “firm commitment IPO” and NASDAQ uplisting on April 29, 2021, at 4.0 million shares, down from 4.88 million in the prospectus, at $4.00, down from the assumed offering price of $4.10, to raise $16 million.)