Sidus Space, Inc. Announces Pricing of $4.5 Million Public Offering
January 31 2023 - 08:00AM
Business Wire
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.
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 expected timing of the closing of the
offering, the possible offering of additional shares of Class A
common stock and/or Pre-Funded Warrants, and 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, 2021, 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/20230131005406/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
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