A Schedule 13G published on November 10, 2026 reports that State Street beneficially owned 8,629,730 common shares of Nasdaq listed RCAT, or 5.7% of the class, as of September 30. The comparable June 30 snapshot reported 12,091,533 shares and 8.2%.
The share count is lower by 3,461,803, or approximately 28.6%. The reported percentage falls by 2.5 percentage points. These are comparisons between dated disclosures, not evidence of trades executed on November 10.
Ownership and voting authority have different totals
The new filing reports shared voting authority over 8,389,200 shares and shared disposition authority over 8,629,730. It reports no sole voting or sole disposition authority. The difference between the shared totals is 240,530 shares.
That distinction matters for a shareholder vote. A beneficial ownership headline should not be copied directly into a claim about votes that one institution can independently cast. Nor should subsidiary holdings be added to a parent total without checking overlap.
What changed and what remains unproven
The lower share count establishes that the percentage decline cannot be explained solely by a larger denominator. The filings do not provide a complete transaction ledger explaining each change. They also use rounded ownership percentages, so dividing the share count by 5.7% would not recover a precise outstanding share count.
State Street’s certification states that the securities are held in the ordinary course of business rather than for changing or influencing control. That is the filer’s stated position. The disclosure does not announce a takeover or confer unilateral control over Red Cat.
The governance question is how voting authority is exercised within the disclosed holding structure. Future ownership reports and actual voting disclosures would provide better evidence than inferring an activist campaign from the size of the position.
For investors, the November filing adds a dated view of the ownership base. It does not establish the current holding on publication day, a view on fair value or a reason for the reduction.
Sources and image
September ownership snapshot filed November 10 and June snapshot filed August 7. Original FOLITIC chart compares the parent reporting entity without adding subsidiary balances. Calculations use the disclosed common share counts.
