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Red Cat Terminates Chief Revenue Officer

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Red Cat (RCAT) said in a regulatory filing Wednesday that the board has terminated Chief Revenue Officer Geoffrey Hitchcock, effective July 23.

Hitchcock was terminated for "cause" and as such was not entitled to severance benefits or acceleration of vesting of equity awards except for salary and benefits earned, the company said in the filing.

Hitchcock has filed a civil complaint against the company, alleging retaliatory termination in violation of New York and Oregon law and breach of contract, while seeking compensatory damages, the company said.

Red Cat said the claims are "without merit" and will defend itself vigorously, according to the filing.

Price: $8.51, Change: $-0.08, Percent Change: -0.99%

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