Applies for $58 Million with the Division of Protection Workplace of Strategic Capital
Purple Cat Holdings, Inc. (Nasdaq: RCAT) (“Purple Cat”), a drone know-how firm integrating robotic {hardware} and software program for army, authorities, and business operations, as we speak introduced it has entered into an settlement for as much as $20 million and closed on the preliminary tranche of $16.5 Million in debt financing with The Lind Companions, a New York based mostly institutional fund supervisor (“Lind”). Particulars of the settlement embody:
- Debt Financing convertible at $16.15 share value
- Preliminary Tranche proceeds of $15 million
- 1 million warrants exercisable at $15.00 per share non cashless
Moreover, Purple Cat has utilized for $58 million in debt financing from the Division of Protection Workplace of Strategic Capital (OSC). OSC implements methods and partnerships to speed up and scale personal funding in essential provide chain applied sciences wanted for nationwide safety. They’ve recognized 14 essential know-how areas very important to sustaining the USA’ nationwide safety. These have been grouped into three classes as discovered within the 2023 Nationwide Protection Science and Expertise Technique.
- Seed Areas of Rising Alternative
- Efficient Adoption Areas
- Protection-Particular Areas
The funding is anticipated to supply Purple Cat with the working capital wanted to scale up manufacturing and the continued improvement of its Arachnid Household of Programs, which incorporates Black Widow™, Edge 130, and a brand new line of FANG™ First-Particular person View (FPV) drones. The aim of the Household of Programs is to satisfy the wants of the U.S. Division of Protection and NATO Allies for drone programs which can be low-cost, transportable, area repairable, and recoverable.
“The current financing will permit us to expedite and broaden the Edge 130 manufacturing unit and build-out and ramp up mass manufacturing of the Black Widow,” stated Jeff Thompson. Purple Cat CEO. “As an organization targeted on know-how that advances the Division of Protection capabilities, we’re a powerful candidate for the Workplace of Strategic Capital’s low-cost debt program. The potential whole financing of $93 million is the least dilutive choice for our shareholders.”
About Purple Cat, Inc.
Purple Cat (Nasdaq: RCAT) is a drone know-how firm integrating robotic {hardware} and software program for army, authorities, and business operations. By way of two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Purple Cat has developed a Household of Programs. This consists of the Black Widow™, a small unmanned ISR system that was awarded the U.S. Military’s Brief Vary Reconnaissance (SRR) Program of Document contract. The Household of Programs additionally consists of TRICHON™, a hard and fast wing VTOL for prolonged endurance and vary, and FANG™, the business’s first line of NDAA compliant FPV drones optimized for army operations with precision strike capabilities. Study extra at www.redcat.purple.
About The Lind Companions
The Lind Companions manages institutional funds which can be leaders in offering development capital to small- and mid-cap firms publicly traded within the US, Canada, Australia and the UK. Lind’s funds make direct investments starting from US$1 to US$30 million, put money into syndicated fairness choices and selectively purchase on market. Having accomplished greater than 150 direct investments totaling over US$1.5 Billion in transaction worth, Lind’s funds have been versatile and supportive capital companions to investee firms since 2011.
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