Sidus Space Announces Closing of Public Offering
Net Proceeds will be Used for General Corporate Purposes
The recent Sidus Space public stock offering of 7,143,000 shares of its Class A common stock has been closed, according to a company news release. Each share of Class A common stock was sold at a public offering price of $1.05 per share for gross proceeds of approximately $7.5 million, before deducting the placement agent’s fees and offering expenses. All of the shares of common stock were offered by the company.
“This offering, coupled with our recently announced launch of our dual-use Fortis VPX product line with integrated AI/ML processing, positions Sidus to focus on significant growth opportunities.”
Carol Craig, Sidus Space
The company intends to use the net proceeds from the offering for:
Sales and marketing
Operational costs
Product development
Manufacturing expansion
Working capital and other general corporate purposes
“This offering, coupled with our recently announced launch of our dual-use Fortis VPX product line with integrated AI/ML processing, positions Sidus to focus on significant growth opportunities,” said CEO Carol Craig.
“The additional capital bolsters our liquidity, allowing our team to fully focus on the execution of our strategy and high growth initiatives that we expect will drive real outcomes for our customers,” said Adarsh Parekh, Chief Financial Officer.
ThinkEquity acted as sole placement agent for the offering.
The securities were offered and sold pursuant to a shelf registration statement on Form S-3 (File No. 333-273430), including a base prospectus, filed with the U.S. Securities and Exchange Commission (the “SEC”) on July 26, 2023 and declared effective on August 14, 2023. The offering was made by means of a written prospectus. A final prospectus supplement and accompanying prospectus related to the offering have been filed with the SEC and made available on the SEC’s website. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may also be obtained, when available, from the offices of ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004.