Nicholas Reyland Liuzza Jr. - 20 May 2025 Form 4 Insider Report for Red Cat Holdings, Inc. (RCAT)

Role: Director
Signature: /s/ Nicholas R. Liuzza, Jr.
Issuer symbol: RCAT
Transactions as of: 20 May 2025
Net transactions value: -$1,229,769
Form type: 4
Filing time: 09 Jul 2025, 17:09:57 UTC
Previous filing: 23 May 2025
Next filing: 24 Jul 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Liuzza Nicholas Reyland JR	Director	15 AVENIDA MUNOZ RIVERA, STE 2200, SAN JUAN, PUERTO RICO	/s/ Nicholas R. Liuzza, Jr.	09 Jul 2025	0001264473

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	RCAT	Common Stock	Exercise of in-the-money or at-the-money derivative security	$150,000	+100,000	+26%	$1.50	487,754	20 May 2025	Direct	F1
transaction	RCAT	Common Stock	Sale	$671,769	-100,309	-21%	$6.70	387,445	21 May 2025	Direct	F1, F2
transaction	RCAT	Common Stock	Exercise of in-the-money or at-the-money derivative security	$150,000	+100,000	+26%	$1.50	487,445	09 Jun 2025	Direct	F1
transaction	RCAT	Common Stock	Sale	$858,000	-100,000	-21%	$8.58	387,445	10 Jun 2025	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	RCAT	Warrant (right to buy)	Exercise of in-the-money or at-the-money derivative security	$0	-100,000	-50%	$0.000000	100,000	20 May 2025	Common Stock	100,000	$1.50	Direct
transaction	RCAT	Warrant (right to buy)	Exercise of in-the-money or at-the-money derivative security	$0	-100,000	-100%	$0.000000	0	09 Jun 2025	Common Stock	100,000	$1.50	Direct

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The amount of securities beneficially owned reflects only the number of shares of common stock held by the reporting person. Previously, the reporting person reported shares of common stock and derivative securities on an aggregate basis. The reporting person will file one or more amended reports to correct the number of non-derivative and derivative securities owned.
F2	The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $6.66 to $6.72. The reporting person undertakes to provide Red Cat Holdings, Inc., any security holder of Red Cat Holdings, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

Content

The amount of securities beneficially owned reflects only the number of shares of common stock held by the reporting person. Previously, the reporting person reported shares of common stock and derivative securities on an aggregate basis. The reporting person will file one or more amended reports to correct the number of non-derivative and derivative securities owned.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $6.66 to $6.72. The reporting person undertakes to provide Red Cat Holdings, Inc., any security holder of Red Cat Holdings, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.