Sidus Space Raises $7.5 Million Through Public Offering to Bolster Growth Prospects

Sidus Space has completed a public offering, raising $7.5 million in gross proceeds. The funds will be used for sales and marketing, product development, and working capital to support the company's growth prospects and recent launch of the Fortis VPX product line. The offering was facilitated by ThinkEquity as the sole placement agent.

Sidus Space, Inc. (NASDAQ: SIDU) has successfully closed its public offering, raising $7.5 million in gross proceeds. The company sold 7,143,000 shares of its Class A common stock at a public offering price of $1.05 per share [1]. The funds will be utilized for sales and marketing, product development, operational costs, manufacturing expansion, and working capital, among other general corporate purposes.

The offering was facilitated by ThinkEquity as the sole placement agent and was made pursuant to a shelf registration statement on Form S-3, with the SEC declaring the offering effective on August 14, 2023 [1]. The company's Chief Executive Officer, Carol Craig, noted that the offering, coupled with the recent launch of the dual-use Fortis™ VPX product line with integrated AI/ML processing, positions Sidus to focus on significant growth opportunities.

Adarsh Parekh, the company's Chief Financial Officer, stated that the additional capital bolsters the company's liquidity, allowing the team to fully focus on executing its strategy and high growth initiatives [1]. Sidus Space aims to leverage this capital to drive real outcomes for its customers in the government, defense, intelligence, and commercial sectors.

Sidus Space specializes in satellite manufacturing, 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®," the company is committed to rapid innovation and cost-effective solutions [1].

Forward-looking statements in this press release may include statements about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors [1].

References:
[1] https://www.stocktitan.net/news/SIDU/sidus-space-announces-closing-of-public-bafjp0zumioa.html