Red Cat Announces Proposed Voluntary Public Purchase Offer for Steyr Motors at EUR 39.00 per Share

Proposed all-cash voluntary public purchase offer by a Red Cat wholly owned subsidiary for all outstanding shares of Steyr Motors AG at EUR 39.00 per share.

Offer price implies a 55.8% premium to the 52-week low, a 28.9% premium to the October 16, 2026 closing price, and a 27.3% premium to the 30-day VWAP.

Anchor shareholder B&C Holding Österreich GmbH has committed to tender approximately 15% of Steyr Motors' share capital via an irrevocable undertaking.

Strategic rationale is to pair Steyr Motors' marine engine technology and European manufacturing base with Red Cat's Blue Ops uncrewed surface vessel (USV) strategy, while retaining Steyr's Austrian headquarters, manufacturing, and R&D footprint.

Transaction is conditional on regulatory approvals in Austria, Italy, Australia, and the UK, plus a 50%-plus-one-share minimum acceptance threshold.

Acceptance period is expected to commence shortly after publication of the offer document and end December 18, 2026, at 5:00 p.m. CET.

Evercore is financial advisor and Freshfields is legal advisor to Red Cat; aggregate transaction value, target revenue, and implied EV/sales multiple were not disclosed.