** Red Cat Holdings' RCAT.O shares down 7.5% premarket to $6.89 after equity raise news
** San Juan, Puerto Rico-based drone technology co announces sale of ~4.7 mln shares directly to certain institutional investors for $30 mln gross proceeds
** Offering price of $6.35 represents ~15% discount to stock's last close
** Co intends to use net proceeds for general purposes, including working capital
** With ~85.6 mln shares outstanding, co has ~$638 mln market cap, per LSEG data
** In Nov, its flagship Black Widow drones were selected for the U.S. Army's short-range reconnaissance program
** RCAT shares closed at $4.90 on Nov 18, the day before co announced the Army contract win
** Through Weds close, shares off 42% YTD
** Northland Capital sole placement agent for the direct stock offering
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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