Red Cat Holdings Terminates Chief Revenue Officer Geoffrey Hitchcock For Cause; On July 21, Geoffrey Hitchcock Files Civil Complaint Against Red Cat Holdings Alleging Retaliatory Termination

On July 17, 2026, the Board of Directors (the "Board") of Red Cat Holdings, Inc. (the "Company") determined to terminate Geoffrey Hitchcock, Chief Revenue Officer of the Company, effective on July 23, 2026 (the "Termination Date"). The Board determined that grounds existed for "Cause" under Section 11(c) of Mr. Hitchcock’s Executive Employment Agreement (the "Employment Agreement," incorporated by reference into this report as Exhibit 99.1), following a hearing process described in Section 11(c)(2) of the Employment Agreement. Based on the Board’s for-cause determination, the Company communicated to Mr. Hitchcock that he is not entitled to any severance benefits or acceleration of vesting of equity awards except for salary and benefits earned through the Termination Date.