Steyr Motors AG Signs Business Combination Agreement with Red Cat Holdings and SMOT Acquisition GmbH

Steyr Motors AG has inked a Business Combination Agreement with SMOT Acquisition GmbH and Red Cat Holdings, Inc. This agreement outlines a voluntary public tender offer for Steyr Motors' shareholders with no changes to the offer price of EUR 39.00 per share. Importantly, it includes commitments to protect the Steyr site and its employees for three years.

The agreement safeguards the current operations at Steyr, Austria, ensuring no relocation or job cuts for two years. Additionally, Red Cat aims to advance the site as an R&D and manufacturing hub. The agreement also maintains the current Management and Supervisory Boards.

This strategic alignment with Red Cat leverages Steyr's engine expertise and Red Cat’s knowledge of autonomous systems, potentially enhancing development in unmanned surface vehicles. Key targets include international market expansion and safeguarding existing employee rights.