Red Cat Holdings is trading 5.1% lower at $6.59, mainly amid broad risk-off conditions and defense-sector weakness. - Major U.S. indexes are lower; the defense ETF is down 2.08% amid Pentagon budget and F-35 concerns. - No clear company-specific announcement was identified for September 23, 2026; no new macro, sector, or company-specific catalyst was detected earlier in the session. - Recent insider selling and prior earnings pressure remain background factors, not confirmed new catalysts.