Sidus Space Announces Closing of Public Offering

Rhea-AI Summary

Sidus Space, Inc. (SIDU) completes a public offering of 1,321,000 shares of its Class A common stock at $6.00 per share, raising $7,926,000 for working capital and general corporate purposes.

Financial Analyst

From a financial perspective, Sidus Space, Inc.'s recent public offering is a strategic move to bolster its working capital and support general corporate purposes. The capital raised, amounting to nearly $8 million before fees and expenses, reflects investor confidence at the set price point of $6.00 per share. However, it is crucial to assess the offering's impact on shareholder value.

With the influx of new shares, existing shareholders might experience dilution of their equity. The key is to determine if the potential expansion or operational enhancements funded by this capital can offset the dilution by driving future growth. Investors should scrutinize the company's past performance and future plans to evaluate whether the capital infusion aligns with a trajectory that could enhance long-term value.

Market Research Analyst

The space industry is undergoing rapid expansion, with increasing commercial and governmental interest. Sidus Space's positioning as a Space and Data-as-a-Service company allows it to potentially capitalize on this growing market. The proceeds from the offering could enable Sidus to invest in competitive technologies, expand its service offerings, or scale operations.

Investors should monitor how Sidus Space plans to allocate the raised funds, as strategic investments in innovation can lead to gaining a competitive edge. However, they should also be aware of the risks inherent in the space sector, such as high entry costs, regulatory hurdles and technological complexities that could affect the company's ability to execute its business plan effectively.

Legal Expert

The offering has been conducted under an effective shelf registration statement with the SEC, which provides Sidus Space with the flexibility to sell securities over a prolonged period. The adherence to SEC regulations and the availability of the final prospectus supplement for investors indicate transparency and legal compliance in the offering process.

Investors should consider the legal framework governing such offerings, as it can impact the timing and reception of the offering. The disclaimer regarding the non-constitutive nature of the press release as an offer to sell or a solicitation of an offer to buy highlights the legal intricacies and the importance of the prospectus in making informed investment decisions.

CAPE CANAVERAL, Fla.--(BUSINESS WIRE)-- Sidus Space, Inc. (Nasdaq: SIDU) ("Sidus" or the "Company"), a multi-faceted Space and Data-as-a-Service company, today announced the closing of its previously announced public offering of 1,321,000 shares of its Class A common stock at a public offering price of $6.00 per share for gross proceeds of $7,926,000, before deducting underwriting discounts and offering expenses.

The Company intends to use the proceeds from the offering for working capital and general corporate purposes.

ThinkEquity acted as sole book-running manager for the offering.

The offering is being made pursuant to an effective shelf registration statement that has been filed with the U.S. Securities and Exchange Commission (the “SEC”). The final prospectus supplement relating to the offering was filed with the SEC and is available on the SEC's website at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from ThinkEquity, 17 State Street, 41^st Floor, New York, New York 10004 Attention: Prospectus Department.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other 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 other jurisdiction.

About Sidus Space

Sidus Space (NASDAQ: SIDU) is a multi-faceted Space and Data-as-a-Service satellite company focused on mission-critical hardware manufacturing; multi-disciplinary engineering services; satellite design, production, launch planning, mission operations; and in-orbit support. The Company is in Cape Canaveral, Florida, where it operates from a 35,000-square-foot manufacturing, assembly, integration, and testing facility focused on vertically integrated Space-as-a-Service solutions including end-to-end satellite support.

Sidus Space has a mission of Bringing Space Down to Earth™ and a vision of enabling space flight heritage status for new technologies while delivering data and predictive analytics to domestic and global customers. More than just a “Satellite-as-a-Service” provider, Sidus Space’s products and services are offered through its four business units: Space and Defense Hardware Manufacturing, Satellite Manufacturing and Payload Integration, Space-Based Data Solutions, and AI/ML Products and Services to support customers from concept to Low Earth Orbit and beyond. Sidus Space is ISO 9001:2015, AS9100 Rev. D certified, and ITAR registered.

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 Annual Report on Form 10-K for the year ended December 31, 2022, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240305895869/en/

Investor Relations

Valter Pinto, Managing Director

KCSA Strategic Communications

sidus@kcsa.com

(212) 896-1254

For media inquiries:

press@sidusspace.com

Source: Sidus Space, Inc.

FAQ

How many shares were offered by Sidus Space, Inc. (SIDU) in the public offering?

Sidus Space, Inc. (SIDU) offered 1,321,000 shares of its Class A common stock in the public offering.

At what price per share did Sidus Space, Inc. (SIDU) offer its Class A common stock?

Sidus Space, Inc. (SIDU) offered its Class A common stock at a price of $6.00 per share.

How much did Sidus Space, Inc. (SIDU) raise in gross proceeds from the public offering?

Sidus Space, Inc. (SIDU) raised $7,926,000 in gross proceeds from the public offering.

What are the intended uses of the proceeds from the public offering by Sidus Space, Inc. (SIDU)?

The proceeds from the public offering by Sidus Space, Inc. (SIDU) are intended for working capital and general corporate purposes.

Who acted as the sole book-running manager for the public offering of Sidus Space, Inc. (SIDU)?

ThinkEquity acted as the sole book-running manager for the public offering of Sidus Space, Inc. (SIDU).