** Drone technology firm Red Cat's RCAT.O shares down 11.6% in premarket trading to $9.75 after overnight $225 mln follow-on priced

** Salt Lake City, Utah-based RCAT late Tues sold ~23.94 mln shares at $9.40

** Offering, which was increased from $200 mln, priced at 14.8% discount to stock's last sale

** RCAT intends to use net offering proceeds for general corp purposes and growth initiatives, including acquisitions or business expansion, R&D, among other purposes

** Evercore and BofA joint lead bookrunners

** RCAT had ~122.7 mln shares outstanding prior to offering

** At Tues close, stock up ~39% YTD

** Of 4 analysts covering the stock, 1 rates "strong buy", 3 rate "buy"; median PT $20, per LSEG data