Sidus Space, Inc. (Nasdaq: SIDU) a Space-as-a-Service satellite company, today announced the pricing of an underwritten public offering of 15,000,000 shares of its Class A common stock (or pre-funded warrants (the “Pre-Funded Warrants”)) in lieu thereof.
Each share of Class A common stock is being sold to the public at a price of $0.30 per share. The gross proceeds to the Company from this offering are expected to be approximately $4.5 million before deducting underwriting discounts, commissions and other offering expenses, and excluding the exercise of the over-allotment option, if any. In addition, Sidus Space has granted the underwriters a 45-day option to purchase up to an additional 2,250,000 shares and Pre-Funded Warrants to cover over-allotments, if any. The offering is expected to close on February 2, 2023, subject to customary closing conditions.
Sidus Space intends to use the net proceeds of the offering for sales and marketing, operational costs, product development, manufacturing expansion and the remaining proceeds for working capital and other general corporate purposes.
Boustead Securities, LLC and EF Hutton, division of Benchmark Investments, LLC are acting as the representatives of the underwriters for the offering.
The registration statement on Form S-1 (File No. 333-269239) relating to the shares being sold in this offering was filed with the U.S. Securities and Exchange Commission (the “SEC”) on January 13, 2023 and became effective on January 30, 2023. A final prospectus related to the proposed offering will be filed and made available on the SEC’s website at https://www.sec.gov/. The offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained, when available, from EF Hutton, division of Benchmark Investments, LLC, Attn: Syndicate Department, 590 Madison Ave., 39th Floor, New York, New York 10022, by telephone at (212) 404-7002, by fax at (646) 861-4697, or by email at syndicate@efhuttongroup.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Sidus Space
Sidus Space (NASDAQ: SIDU), located in Cape Canaveral, Florida, operates from a 35,000-square-foot manufacturing, assembly, integration, and testing facility focused on commercial satellite design, manufacture, launch, and data collection. The company’s rich heritage includes the design and manufacture of many flight and ground component parts and systems for various space-related customers and programs. Sidus Space has a broad range of Space-As-a-Service offerings including space-rated hardware manufacturing, design engineering, satellite manufacturing and platform development, launch and support services, data analytics services and satellite constellation management.
Sidus Space has a mission of Bringing Space Down to Earth™ and a vision of enabling space flight heritage status for new technologies while delivering data and predictive analytics to domestic and global customers. Any corporation, industry, or vertical can start their journey off-planet with Sidus Space’s rapidly scalable, low-cost satellite services, space-based solutions, and testing alternatives. More than just a “Satellite-as-a-Service” provider, Sidus Space is a trusted Mission Partner–from concept to Low Earth Orbit and beyond. Sidus is ISO 9001:2015, AS9100 Rev. D certified, and ITAR registered.
