SALT LAKE CITY, July  28, 2026  (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (NASDAQ:RCAT) (&#34;Red Cat&#34; or the &#34;Company&#34;), a U.S.-based provider of advanced all-domain drone and robotic solutions for defense

RCAT

Red Cat Issues Statement Regarding Steyr Motors AG

Red Cat Withdraws Steyr Motors Proposal; reiterates growth strategy

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>SALT LAKE CITY, July  28, 2026  (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (NASDAQ:RCAT) (&amp;#34;Red Cat&amp;#34; or the &amp;#34;Company&amp;#34;), a U.S.-based provider of advanced all-domain drone and robotic solutions for defense</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Red Cat Holdings disclosed it submitted a preliminary, non-binding proposal to Steyr Motors AG but has withdrawn it, with no definitive agreement and no active proposal outstanding. The company maintained its growth strategy and said it would not comment further on rumors unless required. This clears a potential overhang on RCAT, signaling no current M&amp;A engagement with Steyr and lowering near-term uncertainty.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Red Cat withdrew its preliminary non-binding proposal for Steyr Motors AG.</li><li>No definitive agreement was signed and no active proposal remains with Steyr Motors AG.</li><li>Red Cat reiterates a growth strategy, evaluating acquisitions/partnerships but comments on rumors are limited.</li><li>Forward-looking statements reference 2025 Form 10-K risk factors; no further commentary planned unless required.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Red Cat Holdings, Inc. (RCAT)</strong>: Withdraws Steyr Motors proposal; maintains growth strategy; no active deal.</li><li><strong>Steyr Motors AG</strong>: Subject of potential transaction; no definitive agreement; rumor addressed by RCAT statement.</li></ul>
  </section>

  <section data-block="category">
    <h3>M&amp;A</h3>
    <p>Category: M&amp;A. The piece centers on a potential transaction and its withdrawal, reflecting corporate development activity and its impact on RCAT&#039;s strategic options and stock sentiment.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Red Cat withdrew its non-binding proposal to Steyr Motors AG; no deal in place.</li><li>No active Steyr Motors proposal exists, reducing immediate M&amp;A overhang.</li><li>Company reiterates growth strategy and limits comments on rumors unless required.</li><li>The news is likely to calm speculation but offers no new financial guidance.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Date: July 28, 2026.</li><li>Red Cat evaluated and submitted a preliminary, non-binding proposal regarding Steyr Motors AG.</li><li>Red Cat has withdrawn that proposal; no definitive agreement was signed.</li><li>At present, Red Cat does not have an active proposal outstanding with respect to Steyr Motors AG.</li><li>Forward-looking statements and risk factors referenced to Red Cat&#039;s Form 10-K for 2025.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Neutral near-term; no active deal implies limited RCAT price movement unless new information emerges within weeks.</p>
  </section>
</section>


<link type="text/css" rel="stylesheet" href="https://www.globenewswire.com/styles/gnw_nitf.css"></link><p>SALT LAKE CITY, July  28, 2026  (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/RCAT">RCAT</a>) ("Red Cat" or the "Company"), a U.S.-based provider of advanced all-domain drone and robotic solutions for defense and national security, today issued the following statement regarding reports of a potential transaction involving Steyr Motors AG.</p>  <p>As part of its ongoing growth strategy, Red Cat regularly evaluates a range of potential strategic opportunities, including acquisitions, partnerships, and investments that could expand the Company’s capabilities, strengthen its supply chain, and support customers across defense, government, and commercial markets.</p>  <p>Red Cat evaluated and submitted a preliminary, non-binding proposal regarding a potential transaction involving Steyr Motors AG. Red Cat has withdrawn that proposal. No definitive agreement was signed, and at present Red Cat does not have an active proposal outstanding with respect to Steyr Motors AG.</p>  <p>The Company does not intend to comment further on market rumors, speculation, or potential transactions unless and until disclosure is required or otherwise appropriate.</p>  <p><strong>About Red Cat Holdings, Inc.<br></br></strong>Red Cat (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/RCAT">RCAT</a>) is a U.S.-based provider of advanced all-domain drone and robotic solutions for defense and national security. Through its integrated portfolio of trusted U.S. and allied hardware and software, Red Cat supports military, government, and public safety operations across air, land, sea and space. Its systems span small unmanned aircraft systems, uncrewed surface vessels, wireless power transfer technology, and autonomous swarming software to enhance situational awareness, operational effectiveness, and mission safety. Learn more at www.redcat.red</p>  <p><strong>Safe Harbor Forward-Looking Statements<br></br></strong>This press release contains &#34;forward-looking statements&#34; that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as &#34;anticipate,&#34; &#34;believe,&#34; &#34;contemplate,&#34; &#34;could,&#34; &#34;estimate,&#34; &#34;expect,&#34; &#34;intend,&#34; &#34;seek,&#34; &#34;may,&#34; &#34;might,&#34; &#34;plan,&#34; &#34;potential,&#34; &#34;predict,&#34; &#34;project,&#34; &#34;target,&#34; &#34;aim,&#34; &#34;should,&#34; &#34;will&#34; &#34;would,&#34; or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.&#39;s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. The Company&#39;s strategic plans and priorities may evolve over time in response to changing market conditions, business developments, and other factors, and the Company may or may not pursue, modify, or revisit any strategic opportunity or transaction. These and other risks and uncertainties are described more fully in the section titled &#34;Risk Factors&#34; in the Form 10-K for the fiscal year ended December 31, 2025 and the other filings that Red Cat makes with the SEC. Forward-looking statements contained in this announcement are made as of this date, and Red Cat undertakes no duty to update such information except as required under applicable law.</p>  <p>Investor Contact:<br></br>Ankit Hira<br></br>Solebury Strategic Communications for Red Cat Holdings, Inc.<br></br>E-mail: <a href="https://www.globenewswire.com/Tracker?data=bXOcJtRXiDlJgGv3wDEkqOcl77AtkAj6hBgW0SXq3DMoAiNOefvcVf0PXg1FqUp1YWsSPw9W7o8zD6o5m5WAqD7mD74eGHH7g38SjEthAus=" rel="nofollow" target="_blank">RCAT@soleburystrat.com</a></p>  <p>Media Contact:<br></br>Peter Moran<br></br>Phone: (347) 880-2895<br></br>Email: <a href="https://www.globenewswire.com/Tracker?data=tpR78wlafDth9hakctZ4y6mRiBWMCTkbzwazwgTfc1iQdDZyBYxMZi_7o4NbcftFqvVdG4Bin71l4iudbqfzH0lhqW9AMPyWvIqAcgK1gAM=" rel="nofollow" target="_blank">peter@indicatemedia.com</a></p> <img alt="" class="__GNW8366DE3E__IMG" src="https://www.globenewswire.com/newsroom/ti?nf=OTc5OTc4MSM3NzQ4MDg2IzIxODkxMDg="></img> <br></br><img alt="" src="https://ml.globenewswire.com/media/YzZlZjUxZjctZjJiMi00MDVjLWI2NGEtZDVkMGYzMWJhMzhlLTEyMDA2NjEtMjAyNi0wNy0yOS1lbg==/tiny/Red-Cat-Holdings-Inc-.png" referrerpolicy="no-referrer-when-downgrade"></img><p><a href="https://www.globenewswire.com/NewsRoom/AttachmentNg/4d2618b5-56c3-4e6d-a226-0f8eafc95bf3"><img src="https://ml.globenewswire.com/media/4d2618b5-56c3-4e6d-a226-0f8eafc95bf3/small/red-cat-defining-logo-lockup-2026-png.png" border="0" width="150" height="34" alt="Primary Logo"></img></a></p>

Red Cat Holdings disclosed it submitted a preliminary, non-binding proposal to Steyr Motors AG but has withdrawn it, with no definitive agreement and no active proposal outstanding. The company maintained its growth strategy and said it would not comment further on rumors unless required. This clears a potential overhang on RCAT, signaling no current M&A engagement with Steyr and lowering near-term uncertainty.

News insight

Red Cat Issues Statement Regarding Steyr Motors AG

AI summary

Sentiment rationale

Key facts

M&A