144: Issuer Information

Name of Issuer

Red Cat Holdings, Inc.

SEC File Number

001-40202

Address of Issuer

15 Ave. Munoz Rivera,
Ste. 2200
San Juan,
PUERTO RICO
00901-2510

Phone

833-373-3228

Name of Person for Whose Account the Securities are To Be Sold

Jeffrey M. Thompson

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

Director and CEO

144: Securities Information

Title of the Class of Securities To Be Sold

Name and Address of the Broker

Number of Shares or Other Units To Be Sold

Aggregate Market Value

Number of Shares or Other Units Outstanding

Approximate Date of Sale

Name the Securities Exchange

Common stock

Morgan Stanley
1585 Broadway
New York, NY 10036

750000

8250000.00

99764256

09/12/2025

Nasdaq Capital Marke

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class

Date you Acquired

Nature of Acquisition Transaction

Name of Person from Whom Acquired

Is this a Gift?

Date Donor Acquired

Amount of Securities Acquired

Date of Payment

Nature of Payment *

Common Stock

05/15/2019

Share exchange agreement

Issuer

750000

05/15/2019

Shares exchanged

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks

In accordance with the procedures described in the interpretive letters from the staff of the Securities and Exchange Commission to Goldman Sachs & Co., dated December 20, 1999, and to Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, dated December 1, 2011, on the date hereof, Jeffrey M. Thompson entered into a variable prepaid forward contract with Morgan Stanley Bank, N.A, an affiliate of the broker named on Side 1, Item 3(b), secured by up to 750,000 shares of common stock of Red Cat Holdings, Inc. (the "Issuer"). The actual number shares of common stock in the Issuer to be delivered by Mr. Thompson under the variable prepaid forward contract will be determined based on the volume weighted average price of the Issuer's common stock at settlement relative to an agreed forward floor price and forward cap price, with the aggregate number not to exceed 750,000 shares of common stock. Subject to certain conditions, Mr. Thompson can also elect to settle the varia

Date of Notice

09/12/2025

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

/s/ Jeffrey M. Thompson

144: Filer Information