By Sabela Ojea
Shares of Red Cat dropped after the company said Monday that its chief technology officer would step down to take same role at Vector.
The stock was down 14%, to $9.13, in Tuesday afternoon trading. Shares have, however, more than tripled over the past three months.
The drone technology company said departing Technology Chief George Matus had played a key role in the recent production selection of Red Cat's Black Widow drones for the U.S. Army's SRR Program.
"Red Cat looks forward to partnering with Vector to equip the U.S. military and its warfighters with fully integrated, rapidly deployable technology that ensures operational success," Chief Executive Jeff Thompson said.
"As a fast-growing company in a rapidly evolving industry, aligning our leadership with our aggressive plans for scale is paramount," he added.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
December 03, 2024 14:13 ET (19:13 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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