Red Cat Holdings amends sale of consumer drone business; extends closing to Sept 30, 2023

Red Cat Holdings, Inc.

Termination date extended from June 12, 2023 to September 30, 2023.
Escrow requirement replaced with lockup of 100,000 Unusual shares (or $500K at IPO) for indemnification.
Unusual Machines to register 300,000 shares for Red Cat within 120 days post-closing; effective within 180 days.
Unusual to reimburse Red Cat up to $100,000 for documented legal and out-of-pocket expenses.
Red Cat agrees to 180-day lock-up on shares received from the transaction.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Red Cat Holdings, Inc. amended Amendment No. 2 to SPA (the “Second Amendment”) with Unusual Machines, Inc. and Jeffrey Thompson (effective 2023-07-10).

Action: amendment
Agreement: asset purchase
Counterparty: Unusual Machines, Inc. and Jeffrey Thompson
Effective: 2023-07-10

Exact text from the filing

On July 10, 2023, the parties entered into Amendment No. 2 to SPA (the “Second Amendment”). Under the Second Amendment the parties agreed to extend the termination date of the SPA until September 30, 2023 and remove the requirement that the Principal

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Red Cat Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001554795-23-000213

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