Vanguard disaggregates holdings; reports 0 RCAT shares (RCAT)

Rhea-AI Filing Summary

Red Cat Holdings Inc ownership disclosure: The Vanguard Group filed an amendment stating it beneficially owns 0 shares of Common Stock, representing 0% of the class. The amendment explains an internal realignment of Vanguard subsidiaries and that certain subsidiaries will report ownership separately pursuant to SEC Release No. 34-39538.

The filing is an administrative ownership update reflecting disaggregation of prior aggregated reporting; no voting or dispositive power is reported.

Insights

Institutional Ownership Analyst

Vanguard disaggregated holdings; reported 0 shares and 0% ownership.

For Red Cat Holdings Inc, the filing records that The Vanguard Group and its reporting line now show 0 shares beneficially owned as a result of an internal realignment referenced to SEC Release No. 34-39538. The filing lists no sole or shared voting or dispositive power.

Implications are administrative: subsequent 13G/A filings by disaggregated Vanguard entities may show holdings. Cash-flow treatment and any prior aggregated totals are not stated in this excerpt.

Compliance / SEC Reporting Specialist

Amendment cites SEC Release No. 34-39538 and disaggregated reporting by Vanguard subsidiaries.

The amendment documents that certain Vanguard subsidiaries will report beneficial ownership separately and that The Vanguard Group no longer is deemed to have beneficial ownership over securities held by those subsidiaries. The filing is signed by an authorized Vanguard officer.

Future filings from Vanguard entities could reflect holdings; this amendment itself shows 0 shares held and records no control rights.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Red Cat Holdings Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

(CUSIP Number)

03/13/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP No.

1

Names of Reporting Persons

The Vanguard Group

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: On January 12, 2026, The Vanguard Group, Inc. went through an internal realignment. In accordance with SEC Release No. 34-39538 (January 12, 1998), certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. Further in accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Red Cat Holdings Inc
(b)	Address of issuer's principal executive offices: 15 Ave Munoz Rivera, Ste 2200, San Juan, PR, 00901
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd.,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.:
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 0
(b)	Percent of class: 0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Vanguard Group, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	03/26/2026

FAQ

What does the Schedule 13G/A say about RCAT ownership by Vanguard?

The Vanguard Group reports owning 0 shares of RCAT, or 0% of the class. The amendment states Vanguard underwent an internal realignment and certain subsidiaries will report ownership separately under SEC Release No. 34-39538.

Why did Vanguard amend its ownership filing for RCAT?

The amendment reflects an internal realignment at Vanguard. It explains subsidiaries or business divisions will report beneficial ownership separately and Vanguard no longer is deemed to own securities held by those entities.

Does Vanguard report voting or dispositive power over RCAT shares?

No voting or dispositive power is reported. The filing lists 0 shares for sole and shared voting power and 0 shares for sole and shared dispositive power for Red Cat Holdings Inc common stock.

Who signed the amendment on behalf of Vanguard?

Ashley Grim, Head of Global Fund Administration, signed the filing. The signed amendment is dated 03/26/2026 and provides Vanguard's principal business address in Malvern, PA.

Does this amendment disclose Vanguard subsidiaries' future holdings in RCAT?

The amendment states subsidiaries will report separately but gives no subsidiary-specific amounts. It references SEC Release No. 34-39538 and notes those subsidiaries pursue the same investment strategies as before the realignment.