−Removed: Unregistered Sales of Equity Securities and Use
−Removed: All recent sales of unregistered securities have
−Removed: previously been reported.
−Removed: Use of Proceeds
−Removed: On February 13, 2024, the SEC declared effective
−Removed: our registration statement on Form S-1 (File No.
−Removed: 333-270519), as amended, filed in connection with our IPO.
−Removed: On February 16, 2024, we
−Removed: closed our IPO in which we sold 1,250,000 shares of our common stock, par value $0.01 per share (the “Shares”) at a public
−Removed: offering price of $4.00 per share, resulting in net proceeds of $4.5 million after deducting offering costs, underwriting discounts,
−Removed: and other commissions.
−Removed: We incurred and paid additional direct offering costs prior to the close of the IPO of $0.1 million during the
−Removed: nine months ended September 30, 2024, and $0.5 million during the year ended December 31, 2023.
−Removed: We used $1.0 million of proceeds to pay
−Removed: for the acquisition of Fat Shark and Rotor Riot.
−Removed: There has been no material change in the planned
−Removed: use of proceeds from our IPO from that described in the prospectus dated February 16, 2024, filed with the SEC pursuant to Rule 424(b)(1)
−Removed: under the Securities Act.
−Removed: As described in such prospectus, we have used IPO proceeds to pay $1.0 million to Red Cat related to the business
−Removed: combination and acquisition of Fat Shark and Rotor Riot and the remaining amount will be used for working capital and general corporate
−Removed: The Company shall use the net proceeds from the
−Removed: sale of the securities issued in the October 2024 private placement for general corporate purposes (which for the avoidance of doubt
−Removed: may include acquisitions, in the Company’s discretion), including working capital.
+Added: Unregistered Sales of Equity Securities and Use of Proceeds
+Added: On February 26, 2025, the Company issued 1,224,606
+Added: shares of the Company’s Common Stock in connection with the exercise of 1,224,606 warrants by various shareholders.
+Added: was exempt from registration under Section 3(a)(9) of the Securities Act.
Issuer Purchases of Equity Securities
We did not repurchase any of our equity securities
−Removed: during the nine months ended September 30, 2024.
+Added: during the three months ended March 31, 2025.
Defaults Upon Senior Securities
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.