Red Cat Holdings (RCAT) said Wednesday it has entered an agreement for up to $20 million in debt financing with Lind Partners and closed on the initial tranche of $16.5 million.
The debt will be convertible into common stock at a fixed price of $16.15 share.
Red Cat said it is seeking debt financing of $58 million from the US Department of Defense Office of Strategic Capital for the production and development of low-cost and portable drone systems.
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