Red Cat (RCAT) Director Reports Two Open-Market Sales; Amended Reports Planned

Rhea-AI Filing Summary

Christopher R. Moe, a director of Red Cat Holdings, Inc. (RCAT), reported two open-market sales of common stock. On 08/20/2025 he sold 10,000 shares at $8.93 per share, leaving him with 129,906 shares beneficially owned. On 08/21/2025 he sold an additional 16,833 shares at a weighted-average price of $9.58, leaving 113,073 shares beneficially owned. The filing notes the reporting person previously aggregated derivative and non-derivative holdings and will file amended reports to show corrected counts of each security type.

Positive

• Director filed timely Form 4 disclosure for the sales on 08/20/2025 and 08/21/2025
• Reporting person announced intent to file amended reports to correct aggregated reporting of derivative and non-derivative holdings, improving transparency

Negative

• Director disposed of 26,833 shares in two transactions (10,000 and 16,833 shares), reducing beneficial ownership from 139,906 to 113,073 as reported
• Prior filings aggregated derivatives and shares, requiring correction via amended reports

Insights

Corporate Governance Expert

TL;DR: Director executed routine open-market sales and disclosed intent to correct prior aggregation of holdings.

The transactions are ordinary open-market dispositions by a director rather than exercises or transfers to affiliates, and the filer certified single-person reporting. The corrective action to file amended reports clarifies prior aggregation of derivative and non-derivative positions, which improves transparency. No additional governance actions or changes in board status are disclosed in the Form 4.

Securities Analyst

TL;DR: Insider sold 26,833 shares across two days; sales were at $8.93 and a weighted $9.58 per share.

The disclosure shows sales on 08/20/2025 (10,000 shares at $8.93) and 08/21/2025 (16,833 shares at a weighted average $9.58). The filing does not disclose derivative exercises, buy-to-cover activity, or purpose beyond open-market sale codes. The planned amended reports to separate derivative and non-derivative counts addresses a prior reporting aggregation error, which is material for accurately assessing post-transaction holdings.

Insider Trade Summary

Net Seller: 26,833 shares

Net Sell 2 txns

Insider Moe Christopher R.

Role Director

Sold 26,833 shs ($251K)

Type	Security	Shares	Price	Value
Sale	Common Stock	16,833	$9.58	$161K
Sale	Common Stock	10,000	$8.93	$89K

Holdings After Transaction: Common Stock — 113,073 shares (Direct)

Footnotes (2)

1. F1. The amount of securities beneficially owned reflects only the number of shares of common stock held by the reporting person. Previously, the reporting person reported shares of common stock and derivative securities on an aggregate basis. The reporting person will file one or more amended reports to correct the number of non-derivative and derivative securities owned.
2. F2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $9.56 to $9.60. The reporting person undertakes to provide Red Cat Holdings, Inc., any security holder of Red Cat Holdings, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 08/22/2025 - 06:49 PM Learn about SEC filing dates

FAQ

What transactions did Christopher R. Moe report on Form 4 for RCAT?

He reported two open-market sales: 10,000 shares on 08/20/2025 at $8.93 and 16,833 shares on 08/21/2025 at a weighted average $9.58.

How many RCAT shares does Christopher R. Moe beneficially own after these transactions?

The Form 4 reports 113,073 shares beneficially owned following the 08/21/2025 sale.

What is Christopher R. Moe’s relationship to Red Cat Holdings (RCAT)?

The Form 4 identifies him as a Director and the form was filed by one reporting person.

Did the filing disclose any derivative transactions or exercises?

No derivative transactions are reported in Table II; the filer states prior reports aggregated derivatives and will file amended reports to correct counts.

Were the sale prices single trades or weighted averages?

The 08/20/2025 sale is shown at $8.93; the 08/21/2025 price of $9.58 is a weighted average for multiple transactions priced between $9.56 and $9.60.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Moe Christopher R.

(Last) (First) (Middle)

15 AVE. MUNOZ RIVERA

SUITE 2200

(Street)

SAN JUAN PR 00901

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Red Cat Holdings, Inc. [ RCAT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/20/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/20/2025		S		10,000	D	$8.93	129,906(1)	D
Common Stock	08/21/2025		S		16,833	D	$9.58(2)	113,073(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The amount of securities beneficially owned reflects only the number of shares of common stock held by the reporting person. Previously, the reporting person reported shares of common stock and derivative securities on an aggregate basis. The reporting person will file one or more amended reports to correct the number of non-derivative and derivative securities owned.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $9.56 to $9.60. The reporting person undertakes to provide Red Cat Holdings, Inc., any security holder of Red Cat Holdings, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

	/s/ Christopher R. Moe	08/22/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.