BUZZ-Drone tech co Red Cat climbs on $90mln U.S. defense contract

** Shares of drone-based products maker Red Cat Holdings surge ~41% premarket at $2.58

** RCAT's subsidiary Teal Drones has been awarded a firm-fixed-price, blanket purchase agreement (BPA )by the U.S. Customs and Border Protection as one of its five contractors

** Contract has an estimated value of $90 mln over a 5-year ordering period

** Through the deal, Department of Homeland Security agencies can place orders for drones that will provide airborne reconnaissance, surveillance, and tracking capability to enhance situational awareness for field commanders and agents - co

** More than 1 mln shares traded by 0632 ET vs their 25-day moving avg. of 859,075

** Up to last close, stock had fallen 57.1% this year

(Reporting by Bansari Mayur Kamdar in Bengaluru) ((BansariMayur.Kamdar@thomsonreuters.com;))