Sidus Space, Inc. (Nasdaq: SIDU) closed 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, said, “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.