Red Cat receives $6M from Lind via $7.2M convertible note and warrants

Red Cat Holdings, Inc.

Net $6M funding ($210k commitment fee deducted) in exchange for a $7.2M senior secured convertible note and a 5-year warrant for 326,000 shares at $9.20.
Note bears no interest; repaid in 18 monthly installments of $400k starting six months post-issuance.
Repayment optional in cash (1.025x) or shares valued at 90% of the 5 lowest VWAPs over 20 trading days (floor $0.75).
Conversion price $9.20; on prepayment, Lind may convert up to 25% of principal at lower of formula price or conversion price.
Additional warrant: 326,000 shares at $9.20, exercisable for 5 years; registration of underlying shares required within 5 days.

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