What's Going On With Red Cat Stock Wednesday
Portfolio Pulse from Anusuya Lahiri
Red Cat Holdings' subsidiary, Teal Drones, has won an additional $1.2 million to continue developing a new sUAS prototype for the U.S. Army's Short Range Reconnaissance (SRR) program. This brings the total funding for Teal's participation to $2.7 million. Teal is one of only three vendors competing in the final tranche of the SRR program. The news has led to a 10.14% increase in Red Cat's premarket shares.
June 28, 2023 | 1:29 pm
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POSITIVE IMPACT
Red Cat's stock price is likely to increase in the short term due to the additional funding secured by its subsidiary, Teal Drones, for a U.S. Army project.
The additional funding secured by Teal Drones, a subsidiary of Red Cat, for a U.S. Army project is a positive development for the company. This could lead to increased investor confidence in Red Cat, potentially driving up its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100