Red Cat Holdings, Inc. [NASDAQ: RCAT] has inked an agreement on Tuesday to buy Teal Drones in an all-stock transaction. This acquisition will add Teal Drones to the portfolio of Red Cat. It will also reinforce the group’s spectrum of offerings across North America. Teal since its inception in 2015, was introduced with its Teal Sport and Teal One consumer drones. The drones of the firm are first unique which are to be manufactured in the US.
Teal is one of only five firms that were recently chosen by the Department of Defense in 2020 as accepted small unmanned aerial system vendors for the U.S. government. The open and modular platform enables a critical mass of applications to be designed and incorporated for next-generation capabilities. Partners actively assimilating technologies with Teal include Autonodyne, Tomahawk Robotics, Dronelink, and Skyward.
Shares of Red Cat Holdings skyrocketed 58.59% as it has gained +1.74 at the time of writing on Tuesday. The firm has recorded a trading volume of $42.83 million as compared to the average volume of 660.00K. RCAT’s share price went from a low point around $0.54 to briefly over $7.75 in the past 52 weeks. The shares of firm have since pulled back to $5.19. The firm has a total market capitalization of $98.01 million at the time of writing.
Furthermore, Teal will attach the enterprise group at Red Cat holdings that comprise Skypersonic, a remote inspection firm, and Dronebox, an analytics platform for cloud-based flight intelligence. Moreover, other firms in the Red Cat portfolio comprise Fat Shark, a drone imaging and communication firm, and Rotor Riot, a lifestyle operation concentrated on the consumer segment.