Sidus Space, Inc. (Nasdaq: SIDU) a Space-as-a-Service satellite
company, today announced the pricing of an underwritten public
offering of 30,303,030 shares of its Class A common stock, or
pre-funded warrants (the “Pre-Funded Warrants”) in lieu thereof,
and 30,303,030 warrants. Each share of Class A common stock and
accompanying warrant is being sold to the public at a combined
price of $0.33. Each warrant allows the purchase of one share of
Class A common stock. The gross proceeds to the Company from this
offering are expected to be approximately $10 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 4,545,454 shares (or
Pre-Funded Warrants) and/or 4,545,454 additional warrants to cover
over-allotments, if any. The offering is expected to close on April
25, 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. 333-270850)
relating to the securities being 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 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 (or Pre-Funded Warrants) and/or 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, 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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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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