Unusual Machines Inc. (UMAC) has shared an announcement.
Red Cat Holdings, Inc., a major shareholder of Unusual Machine’s Inc., offloaded all its company securities to two independent investors on July 22, 2024. This significant move included an exchange of common stock for Series A Convertible Preferred Stock and the sale of these preferred shares along with New Notes, which were reissued from an original promissory note. The transaction also involved a working capital adjustment, resulting in an increased principal amount for the New Notes. These developments are part of strategic financial maneuvers that could impact the company’s capital structure and investor relations.
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