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Posted 29 November, 2023

Red Cat Holdings, Inc. appointed new CEO

CEO Change detected for ticker Nasdaq:RCAT in a 8-K filed on 29 November, 2023.


  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").  

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Overview of Red Cat Holdings, Inc.
Technology • Software
Red Cat Holdings, Inc. provides products, services and solutions to the drone industry. It also engages in the provision of distributed data storage, analytics and services for the drone industry.The firm product include Dronebox, which is a blockchain technology that records, stores and analyzes flight data and information from a drone. It operates through the following segments: Enterprise and Consumer segments. The Enterprise Segment will focus on developing a hardware enabled software platform of services and solutions to government and commercial enterprises and the military. The company was founded by Jeffrey M. Thompson in February 1984 and is headquartered in San Juan, Puerto Rico.
Market Cap
$56.6M
View Company Details
Red Cat Holdings, Inc. by TradingView
Relevant filing section
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.