Sidus Space, Inc. Announces Closing of $11.2 Million Public Offering Including Partial Exercise of Over-Allotment Option
April 25 2023 - 5:11PM
Business Wire
Sidus Space, Inc. (Nasdaq: SIDU) (“Sidus Space” or the
“Company”), a Space-as-a-Service satellite company, today announced
the closing of its underwritten public offering of 34,090,904
shares of its Class A common stock, or pre-funded warrants in lieu
thereof, and 34,090,904 warrants, which included the partial
exercise of the underwriters’ over-allotment option. Each share of
Class A common stock and accompanying warrant was sold to the
public at a combined price of $0.33. Each warrant allows the
purchase of one share of Class A common stock at an exercise price
of $0.33 per share. The gross proceeds to the Company from this
offering were approximately $11.2 million before deducting
underwriting discounts, commissions and other offering
expenses.
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 acted as the representatives of the underwriters
for the offering.
The registration statement on Form S-1 (File No. 333-270850)
relating to the securities sold in this offering was originally
filed with the U.S. Securities and Exchange Commission (the “SEC”)
on March 27, 2023 and became effective on April 20, 2023. A final
prospectus related to the offering was filed on April 21, 2023 and
is available on the SEC’s website at https://www.sec.gov/. The
offering was made only by means of a prospectus. Copies of the
final prospectus may be obtained 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.
Forward Looking Statements
Statements in this press release about future expectations,
plans and prospects, as well as any other statements regarding
matters that are not historical facts, may constitute
‘forward-looking statements’ within the meaning of The Private
Securities Litigation Reform Act of 1995. These statements include,
but are not limited to, statements relating to the expected trading
commencement and closing dates. The words ‘anticipate,’ ‘believe,’
‘continue,’ ‘could,’ ‘estimate,’ ‘expect,’ ‘intend,’ ‘may,’ ‘plan,’
‘potential,’ ‘predict,’ ‘project,’ ‘should,’ ‘target,’ ‘will,’
‘would’ and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. For example, Sidus
Space is using forward-looking statements in this press release
when it discusses the intended use of proceeds. Actual results may
differ materially from those indicated by such forward-looking
statements as a result of various important factors, including: the
uncertainties related to market conditions and other factors
described more fully in the section entitled ‘Risk Factors’ in
Sidus Space’s Annual Report on Form 10-K for the year ended
December 31, 2022, and other periodic reports filed with the
Securities and Exchange Commission. Any forward-looking statements
contained in this press release speak only as of the date hereof,
and Sidus Space, Inc. specifically disclaims any obligation to
update any forward-looking statement, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20230425006128/en/
Investor Relations Contact Dave Gentry RedChip Companies
Inc. SIDU@redchip.com 1-800-RED-CHIP (733-2447) Or 407-491-4498
Heather Crowell Executive Vice President Gregory FCA
heather@gregoryfca.com
Media Contact Katie Kennedy Senior Vice President Gregory
FCA sidus@gregoryfca.com 1-610-731-1045 www.sidusspace.com
For Underwriter Inquiries Boustead Securities, LLC Keith
Moore Chief Executive Officer Phone: 949-502-4408 Email:
keith@boustead1828.com
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