Sidus Space releases letter to shareholders
Sidus Space released a letter to shareholders from Carol Craig, Founder and CEO.
Dear Fellow Shareholders,
Following this morning’s announcement regarding the reallocation of two LizzieSats to launch on an upcoming Bandwagon mission with SpaceX, I want to explain in greater detail what this means for Sidus. In addition, I will provide an update on our plan to regain compliance on the Nasdaq Capital Market as we focus on growing our business, increasing gross margins, and building value for our shareholders.
We announced that Sidus secured a position on SpaceX’s upcoming Bandwagon Mission, reallocating two of our AI-driven LizzieSat satellites. This includes an increase to ten from the previous nine missions contracted with SpaceX.
As mentioned in the release, we made the decision to capitalize on SpaceX’s recent announcement to launch Bandwagon missions after evaluating the potential increased revenue opportunity tied to placing multiple LizzieSats in dissimilar orbits. This change will enable us to capture higher revenue generating data by covering more populated areas while also increasing our payload and data customers. We believe that, in combination with the inclusion of additional sensors and enhanced AI capabilities, the new orbits add value as we get closer to initiating these launches and developing new, high-margin business lines.
In particular, I would like to highlight the expanded AI-enhanced imaging that the addition of the Bandwagon mission to our constellation will enable. Our integration of FeatherEdge AI into our LizzieSats will enable real-time data processing, image analysis, anomaly detection, data compression, and automated decision making while increasing privacy, security, and customization. Both LizzieSat Bandwagon missions will include sensors utilizing co-incident or simultaneous data collection to capture still images, hyperspectral and multispectral images, AIS, and wide-area-spectral imaging. This imaging capability expands our potential customer base for data collected by our LizzieSats as images collected by this suite of sensors can be utilized in multiple industries including government, military, oil and gas, maritime, forestry, and agriculture.
We believe that our FeatherEdge AI, working in concert with these additional sensors and combined with the addition of an Equatorial Orbit, will allow Sidus to provide unparalleled data service to our customers. While we initially planned to launch the first LizzieSat on Transporter-9 in Q4 2023, we made the strategic decision to adjust our launch manifest in order to enhance the capacity of our constellation deployment. The updated schedule will expand this mission to target a first launch in the first quarter 2024, with a current target launch date of February 2024, and two LizzieSats on a Bandwagon mission in the second quarter of 2024. Additionally, we plan to have a minimum of five LizzieSats on orbit in the Company’s constellation by the end of the second quarter of 2024.
Finally, I would like to address our plan to regain compliance on the Nasdaq Capital Market. In March of 2023 we received notification that the Company was out of compliance with the requirements to remain listed on Nasdaq due to our failure to meet the $1.00 minimum bid price requirement. We were given 180 days, culminating on September 11, 2023, to satisfy all Nasdaq listing requirements, including the minimum bid. While we are currently in compliance on all other areas with the Nasdaq, including meeting the minimum shareholder equity requirement, our share price remains below $1.00.
In early September, we requested, and have now been granted, an additional 180-day extension to the period allowed to regain compliance. This extension will give us until March 11, 2024 to increase our share price above $1.00, and therefore regain compliance.
It is our belief and intention that the daily work we are doing to build shareholder value will soon be realized in our share price. Specifically, we are excited about the launch of our maiden LizzieSat, scheduled for February 2024, and a total of five LizzieSats scheduled for launch before the end of the third quarter of 2024.
Once again, I would like to thank my fellow shareholders for your support and belief in Sidus. We believe our actions, as explained above, will position Sidus for future growth and value creation.
For more information visit: https://sidusspace.com