Sidus Space announces oricing of $10M Public Offering
by Staff Writers
Cape Canaveral FL (SPX) Apr 21, 2023

Sidus Space, Inc. (Nasdaq: SIDU) has 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.

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