Red Cat Holdings (RCAT) shares were down 3.3% in recent Thursday trading after short-seller Kerrisdale Capital said that expectations for the size of a contract to make the US Army's short-range reconnaissance drone as well as follow-on sales "bear almost no relationship to reality."
Red Cat didn't immediately respond to a request for comment by MT Newswires.
Kerrisdale said that Red Cat's market capitalization increased by more than $900 million over the past nine months, mostly driven by the anticipation of an award for the production of the US Army's drone and the supposedly vast market potential unlocked by such endorsement.
Kerrisdale added it does not expect Red Cat's 2025 guidance and the parameters of the US Army drone contract to materialize.
Price: 10.55, Change: -0.36, Percent Change: -3.30
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