Form: 3

Initial statement of beneficial ownership of securities

January 19, 2021

FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Evans Allan Thomas
 2. Date of Event Requiring Statement (Month/Day/Year)
01/11/2021		 3. Issuer Name and Ticker or Trading Symbol
Red Cat Holdings, Inc. [RCAT]
(Last)
(First)
(Middle)
370 HARBOUR DRIVE, PALMAS DEL MAR		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
CEO of Fat Shark Holdings, Ltd
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

HUMACAO, PR 00791		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock (1) 1,110,983
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Evans Allan Thomas
370 HARBOUR DRIVE
PALMAS DEL MAR
HUMACAO, PR 00791		       CEO of Fat Shark Holdings, Ltd  

Signatures

/s/ Allan Evans 01/19/2021
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) See Remarks.
 
Remarks:
(1) Includes 1,000,000 shares of common stock granted as compensation, 250,000 of which are vested as of January 11, 2021, and the remaining 750,000 of which vest in 36 equal monthly installments commencing on February 28, 2021, subject to continued employment. Theese shares will also vest: (i) immediately upon a change of control, as defined in the issuer's 2019 Equity Incentive Plan; (ii) as to 250,000 shares, upon the final closing price of the issuer's common stock for 30 consecutive days at or above $5.00 per share; (iii) as to 125,000 shares, upon receipt of payment in full by Fat Shark Holdings, Ltd. ("Fat Shark") from an unrelated third-party purchaser of goods or services in an amount of $250,000 or more at a net profit margin no less than the average net profit margin of Fat Shark for similar goods or services during the preceding 12 months; and (iv) as to 125,000 shares, upon receipt of payment in full by Fat Shark from any unrelated third-party purchaser of goods or services in an amount of $1,000,000 (exclusive of any purchase described in (iii) above) at a net profit margin no less than the average net profit margin of Fat Shark for similar goods or services during the preceding 12 months.

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