** Shares of drone technology firm Red Cat RCAT.O plunge 19.5% to $7.40 in early trading
** RCAT enters agreements with certain institutional investors for sale of nearly 6.5 million shares in a registered direct offering for gross proceeds of $46.75 million
** Proceeds will be used for general purposes, including expenditures related to its new unmanned surface vessel division
** Northland Capital Markets was the placement agent for the transaction
** Implied offer price of ~$7.25, which represents 21% discount to stock's last close
** Stock closed up 10.2% at $9.19 on Monday
** All 3 brokerages covering the stock rate "buy" or higher; median PT $13 - data compiled by LSEG
** As of last close, RCAT stock was down 28.5% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))
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