On September 19, 2022, Red Cat Holdings, Inc.'s Board of Directors appointed a Special Committee, consisting of independent directors Joseph Freedman and Christopher Moe, tasked with studying strategic alternatives for the consumer-focused businesses of the company concurrently conducted through subsidiaries Rotor Riot, LLC and Fat Shark Holdings Ltd. The Special Committee will assess and examine strategic alternatives with respect to the consumer brands and businesses represented by Rotor Riot and Fat Shark. The Special Committee will make an independent assessment and report to the Board.