Sidus Space, Inc. (NASDAQ:SIDU) ("Sidus" or the "Company"), an innovative, agile space and defense technology company providing flexible, cost-effective solutions to government, defense, intelligence, and commercial companies around the globe, today announced the closing of its previously announced best-efforts public offering of 7,143,000 shares of its Class A common stock. 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.
The Company intends to use the net proceeds from the offering for (i) sales and marketing, (ii) operational costs, (iii) product development, (iv) manufacturing expansion and (v) 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 Carol Craig, the Company's Chief Executive Officer.
Adarsh Parekh, Chief Financial Officer, added, "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."
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.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an 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) is an innovative, agile space and defense technology company offering flexible, cost-effective solutions, including satellite manufacturing and technology integration, AI-driven space-based data solutions, mission planning and management operations, AI/ML products and services, and space and defense hardware manufacturing. With its mission of Space Access Reimagined®, Sidus Space is committed to rapid innovation, adaptable and cost-effective solutions, and the optimization of space system and data collection performance. With demonstrated space heritage, including manufacturing and operating its own satellite and sensor system, LizzieSat®, Sidus Space serves government, defense, intelligence, and commercial companies around the globe. Strategically headquartered on Florida's Space Coast, Sidus Space operates a 35,000-square-foot space manufacturing, assembly, integration, and testing facility and provides easy access to nearby launch facilities. For more information, visit: www.sidusspace.com.
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. 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 prospectus supplement and Annual Report on Form 10-K for the year ended December 31, 2024, 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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