[Form 4] Red Cat Holdings, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Christopher R. Moe, a director of Red Cat Holdings, Inc. (RCAT), reported multiple open-market sales of common stock in a Form 4 filing. The filing lists four sales executed between 09/08/2025 and 09/12/2025 totaling 50,000 shares sold at reported weighted-average prices of $8.90, $9.77, $10.79, and $10.96. Following the last reported sale on 09/12/2025, the reporting person beneficially owned 63,073 shares. The filing includes footnotes clarifying that the prices for the 9/11 and 9/12 trades are weighted averages across multiple executions and offers to provide detailed breakouts on request. The Form 4 is signed by Christopher R. Moe on 09/15/2025.

Positive

• Transparent disclosure of weighted-average sale prices with footnotes and an offer to provide per-trade price breakdowns upon request
• Timely, signed filing by the reporting person, meeting Form 4 reporting formalities

Negative

• Insider sold 50,000 shares in four transactions between 09/08/2025 and 09/12/2025
• Reporting shows a reduced beneficial holding of 63,073 shares after the transactions

Insights

Corporate Governance Expert

TL;DR: Routine disclosure of insider sales; documentation and footnotes improve transparency.

The Form 4 records multiple open-market dispositions by a director totaling 50,000 shares over five days. The filing supplies weighted-average prices and explicit offers to provide per-trade breakdowns, which enhances compliance transparency. The document is signed and timely dated, meeting Section 16 reporting requirements. There is no accompanying information about reasons for the sales or any related transactions (e.g., derivative exercises) in the filing.

Securities Analyst

TL;DR: Material insider disposals documented; impact depends on context outside this filing.

The investor-relevant facts are clear: 50,000 shares were sold across four transactions from 09/08/2025 to 09/12/2025 with weighted-average prices reported at $8.90, $9.77, $10.79 and $10.96, and ending beneficial ownership of 63,073 shares. The filing contains no earnings, forward guidance, or additional corporate actions to assess market impact, so valuation implications cannot be drawn solely from this Form 4.

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

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

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)
09/08/2025

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	09/08/2025		S		10,000	D	$8.9	103,073	D
Common Stock	09/11/2025		S		20,000	D	$9.77(1)	83,073	D
Common Stock	09/11/2025		S		10,000	D	$10.79(2)	73,073	D
Common Stock	09/12/2025		S		10,000	D	$10.96(3)	63,073	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 price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $9.71 to $9.84. 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.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.77 to $10.80. 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.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.75 to $11.19. 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	09/15/2025
	** 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.

FAQ

What did Christopher R. Moe disclose on the Form 4 for RCAT?

The Form 4 discloses four open-market sales totaling 50,000 shares executed between 09/08/2025 and 09/12/2025, with an ending beneficial ownership of 63,073 shares.

How much were the shares sold for in the RCAT Form 4?

The filing reports weighted-average prices of $8.90 (09/08), $9.77 (09/11), $10.79 (09/11), and $10.96 (09/12); footnotes state these are weighted averages across multiple executions.

Did the Form 4 include any derivative or option transactions for RCAT?

No. Table II (derivative securities) contains no entries in this filing; only non-derivative common stock sales are reported.

When was the Form 4 signed and filed?

The filing is signed by Christopher R. Moe and dated 09/15/2025 on the signature line.

Does the Form 4 explain the range of prices within the weighted averages?

Yes. Footnotes state the price ranges for the weighted averages and say the reporting person will provide full per-price breakouts to Red Cat Holdings, its security holders, or the SEC upon request.