UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Section 5 - Corporate Governance and Management
Item 5.02. Departure of Directors or Certain Officers Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective November 27, 2023, Allan Evans has resigned his position as our Chief Operating Officer. Dr. Evans has resigned his position in order to serve as the new Chief Executive Officer of Unusual Machines, Inc. (“UM”). As previously disclosed, UM is currently seeking to acquire our consumer business segment, which consists of Rotor Riot and Fat Shark Holdings. In the event that the proposed sale of our consumer segment is consummated, we are expected to be the largest shareholder in UM.
In addition, our current Chief Financial Officer, Joseph Hernon, has notified us that he intends to retire at the end of his current employment contract on June 30, 2024.
Also effective November 27, 2023, George Matus, founder and CEO of our wholly owned subsidiary Teal Drones (“Teal”), has been appointed as Chief Technology Officer of Red Cat Holdings, Inc.
George Matus, age 26, is a technologist and entrepreneur who founded Teal in 2015. After developing novel technologies on his own in high school, including thrust vectoring multi-rotors, modular and extensible airframes, and record endurance platforms, he founded the company with a vision of the future of drones. Since Teal’s inception in 2015, Mr. Matus has raised several rounds of venture capital financing, defined the company’s product roadmap, launched four products to market through American manufacturing, and continues to lead the company after its acquisition by Red Cat Holdings. George is a Peter Thiel Fellow, Forbes 30 Under 30 member, was recognized by TIME magazine as one of the 30 most influential teens in America, and holds over a dozen granted patents.
As described in our Current Report on Form 8-K filed July 14, 2024, we acquired Teal Drones, Inc. under an Agreement and Plan of Merger. Mr. Matus was the founder and largest shareholder of Teal. As described in our Current Report on Form 8-K filed September 7, 2021, Mr. Matus currently serves as the Chief Executive Officer of our subsidiary, Teal Drones, Inc., under an Employment Agreement dated September 1, 2021. Following his appointment as our new CTO, Mr. Matus will continue serve and be compensated in his role as CEO of Teal Drones, Inc. under his existing Employment Agreement. Additional compensation for Mr. Matus’ service as our CTO, if any, has not been determined at this time.
Item 7.01 Regulation FD Disclosure.
On November 28, 2023, we released the press release furnished herewith as Exhibit 99.1.
Section 9 – Financial Statements and Exhibits
Item. 9.01. Financial Statements and Exhibits
Exhibit No. | Description |
99.1 | Press Release |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
RED CAT HOLDINGS, INC. | |||
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Dated: November 29, 2023 | By: | /s/ Jeffrey Thompson | |
Name: Jeffrey Thompson | |||
Title: Chief Executive Officer |