Red Cat closes acquisition of Teal Drones for $14M in stock; Teal's Golden Eagle is DoD-approved

Red Cat Holdings, Inc.

Acquired Teal for $14M in stock (3,738,911 shares at $2.908 VWAP); net after $1.67M DA4 debt, $771K other, $686K working capital deficit ~$10.87M.
Teal's Golden Eagle is 1 of 5 drones approved by U.S. DoD for reconnaissance, public safety, inspection; expands military sector presence.
Earn-out: up to $16M additional shares if Golden Eagle sales reach $36M within 24 months; lower tiers at $24M and $18M.
George Matus remains CEO of Teal with 1-year employment agreement, $130K base salary (escalators to $170K), and 400K restricted shares vesting over 4 years.
Teal also entered $1.67M loan with Decathlon Alpha IV at 10% interest, maturing Dec 2024, secured by Teal assets, guaranteed by Red Cat.

item 2.01 item 2.03 item 3.02 item 5.02 item 7.01

Executive movements

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Appointed

George Matus

Chief Executive Officer of Teal

RCAT · Red Cat Holdings, Inc.

Effective: 2021-09-01
Filed: September 7, 2021, 7:59 PM ET

On September 1, 2021 the Company and George Matus entered into an employment agreement under which Mr. Matus will serve as Chief Executive Officer of Teal.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

George Matus was appointed as Chief Executive Officer of Teal at Red Cat Holdings, Inc..

Action: appointed
Role: Chief Executive Officer of Teal

Exact text from the filing

On September 1, 2021 the Company and George Matus entered into an employment agreement under which Mr. Matus will serve as Chief Executive Officer of Teal.

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Source: SEC EDGAR

accession 0001554795-21-000323

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