RCAT Stock: Why The Price Increased Today

By Amit Chowdhry ● Oct 20, 2021
  • The stock price of Red Cat Holdings Inc (NASDAQ: RCAT) increased by over 4% pre-market today. This is why it happened.

The stock price of Red Cat Holdings Inc (NASDAQ: RCAT) – a hardware-enabled software provider to the drone industry – increased by over 4% pre-market today. Investors are responding positively to Red Cat announcing today that its TEAL Drones subsidiary has opened its new U.S.-based manufacturing facility located in Salt Lake City, Utah.

Teal Drones’ new 13,000+ square foot facility is going to be substantially focused on quality standards-based processing and manufacturing and will scale the operation to full capacity over the coming months. And the facility also enables the expansion of TEAL’s talented team. 

The factory is currently functional and Teal is beginning to immediately fulfill orders out of the new facility. And the team is also working to advance the factory’s automation capability to ensure scalable quality.

KEY QUOTE:

“After closing the Teal drone acquisition less than two months ago, our investment to scale production of the Golden Eagle is ready fly and generate revenue. The teal team has built a world-class made in USA manufacturing facility that will change the entire drone industry landscape.”

— Jeffrey Thompson, Red Cat’s Chief Executive Officer

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.