Sidus Space, Inc., a Space-as-a-Service satellite company, today announced the closing of its underwritten public offering of 17,250,000 shares of its Class A common stock (or pre-funded warrants (the Pre-Funded Warrants) in lieu thereof, which included the full exercise of the underwriters’ over-allotment option. Each share of Class A common stock was sold to the public at a price of $0.30 per share. The gross proceeds to the Company from this offering were approximately $5.2 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. 333-269239) relating to the shares being sold in this offering was filed with the US Securities and Exchange Commission (the SEC) on January 13, 2023 and became effective on January 30, 2023. A final prospectus related to the offering was filed on January 31, 2023 and is available on the SEC’s website.
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.