Form 8-K - Current report
08 Mayo 2024 - 4:31PM
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2024-05-06
2024-05-06
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UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): May 6, 2024
Red
Cat Holdings, Inc.
(Exact name of registrant
as specified in its charter)
Nevada
(State or other
jurisdiction of incorporation) |
|
001-40202
(Commission
File Number) |
|
88-0490034
(I.R.S. Employer
Identification No.) |
15
Ave. Munoz Rivera Ste
2200
San
Juan, PR
(Address of principal executive offices) |
00901
(Zip
Code) |
Registrant’s
telephone number, including area code: (833)
373-3228
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities
registered pursuant to Section 12(b) of the Act: |
Title
of each class |
Trading
Symbol(s) |
Name
of each exchange on which registered |
Common
stock, par value $0.001 |
RCAT |
The
Nasdaq Capital
Market |
Indicate by check mark
whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 4.01 Changes in Registrant’s Certifying
Accountant
On May 3, 2024, the Securities
and Exchange Commission (the “Commission”) entered an order instituting settled administrative and cease-and-desist proceedings
against BF Borgers CPA PC (“BF Borgers”) and its sole audit partner, Benjamin F. Borgers CPA, permanently barring
Mr. Borgers and BF Borgers from appearing or practicing before the Commission as an accountant (the “Order”). As a result
of the Order, BF Borgers may no longer serve as the independent registered public accounting firm for Red Cat Holdings, Inc. (the “Company”),
nor can BF Borgers issue any audit reports included in Commission filings or provide consents with respect to audit reports.
In light of the Order, effective
as of May 6, 2024, the Company’s audit committee unanimously approved the decision to dismiss BF Borgers as the Company’s
independent registered public accounting firm.
BF Borgers’ reports
on the financial statements of the Company for the fiscal years ended April 30, 2023 and 2022 did not contain an adverse opinion or disclaimer
of opinion, nor were they modified or qualified as to uncertainty, audit scope or accounting principles except that BF Borgers’
reports on the financial statements of the Company for the fiscal years ended April 30, 2023 and 2022 contained the following paragraph:
“The accompanying financial
statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements,
the Company has suffered recurring losses from operations that raises substantial doubt about its ability to continue as a going concern.
Management’s plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.”
There have been no “disagreements”
(as that term is defined in Item 304(a)(1)(iv) of Regulation S-K) and no “reportable event” occurred (as that term
is defined in Item 304(a)(1)(v) of Regulation S-K) during the fiscal years ended April 30, 2023 and 2022 and the subsequent
interim periods up to and including the date of BF Borgers’ dismissal between the Company and BF Borgers on any matter
of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which, if not resolved to the satisfaction
of BF Borgers, would have caused them to make reference to the subject matter of the disagreement in connection with their report
on the Company’s financial statements for those periods.
In the May 3, 2024 “Staff
Statement on the Issuer Disclosure and Reporting Obligations in Light of Rule 102(e) Order Against BF Borgers CPA PC,” the Commission
advised registrants that they may indicate in their Commission filing that their prior auditor is no longer permitted to appear or practice
before the Commission, in lieu of including a letter from BF Borgers stating whether it agrees with our disclosures under Item 304 of
Regulation S-K. In light of the Order and the staff statement, we are not requesting BF Borgers to furnish the Company with such letter.
The Company is in conversation
with several audit firms as part of the process of engaging a new independent auditing firm. At such time as a new independent auditing
firm is formally chosen, the Company will file a Current Report on Form 8-K disclosing such appointment.
Item. 9.01. Financial Statements and Exhibits
Exhibit No. |
Description |
104 |
Cover Page Interactive Data File (embedded within the inline XBRL document). |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
RED CAT HOLDINGS, INC. |
|
|
|
|
|
Dated: May 8, 2024 |
By: |
/s/ Jeffrey
Thompson |
|
|
|
Name: Jeffrey Thompson |
|
|
|
Title: Chief Executive Officer |
|
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