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      Red Cat Holdings Inc. (RCAT) Bullish on Selection for SRR T2 Program by U.S. Army - Stocks Telegraph

      By Gule Rukhsar

      Published on

      March 15, 2022

      5:36 AM UTC

      Red Cat Holdings Inc. (RCAT) Bullish on Selection for SRR T2 Program by U.S. Army - Stocks Telegraph

      On March 14, Red Cat Holdings Inc. (RCAT) remained bullish throughout the day, gaining both in regular trading and the after hours. The reason for this bullishness is a new announcement from the company regarding its selection by the U.S. DoD and Army for a program. RCAT’s subsidiary Teal Drones has been selected in the Short Range Reconnaissance Tranche 2 (SRR T2) Program of Record.

      Source: Triax Technologies

      Thus, in the regular trading session, the stock fluctuated between $1,85 and $2.92 to add a huge 48.37%. the volume of the shares exchanged was 2,902% of the average. So, RCAT had a price of $2.73 per share at the close of the session while 57.86 million shares were exchanged. The stock continued to gain in the following after-hours session to increase by a further 7.33%. At a volume of 3.67 million shares, RCAT had a value of $2.93 per share in the after-hours on Monday.

      The drone industry products, services, and solutions provider, Red Cat Holdings Inc. was founded in 1984. Currently, the company has a market capitalization of $99.06 million with 53.84 million outstanding shares.

      RCAT’s SSR T2 Selection

      According to the announcement, Teal Drones has been selected by the Department of Defense’s (DoD) Defense Innovation Unit (DIU) and the U.S. Army to compete in the program.

      Previously, Teal was selected for developing a next-gen small unmanned ariel system (sUAS) for the U.S. Army. Furthermore, the sUAS was designed for S&R duties (surveillance and reconnaissance), which is focused on autonomous capability. The purpose of the SSR T2 program is the provision of a small, rucksack portable sUAS which provides situational awareness beyond the next terrain feature to all Amry platoons.

      After a successful demo in September 2021, Teal received a notification regarding advancing its product to the prototype phase of SRR T2. Additionally, Teal was also awarded a $1.5 million prototype contract by U.S. Army’s Short Range Reconnaissance Product Office. Therefore, Teal will develop a drone that meets or surpasses the technical requirements of the program as it competes for the contract.

      Recent Participation

      The company recently participated in the Q1 Investor Summit Conference which was held from March 8-9, 2022, virtually. RCAT’s Chief Executive Officer, Jeffrey Thompson presented a corporate overview of the company at the conference. Moreover, he also participated in one-on-one meetings during the conference.

      RCAT’s Upcoming Earnings

      The company will be declaring its fiscal third-quarter 2022 results on March 17, 2022, after the bell. RCAT’s fiscal Q3 2022 ended on January 31, 2022.

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