Sidus Space closes $16.2 million stock offering

Sidus Space Inc. (NASDAQ: SIDU) completed a public offering of 10.8 million shares of Class A common stock at $1.50 per share, generating gross proceeds of approximately $16.2 million before fees and expenses.

The Cape Canaveral, Florida-based space and defense technology company sold all shares through the offering, which was conducted as a best-efforts arrangement with ThinkEquity serving as sole placement agent.

The company plans to use net proceeds for sales and marketing, operational costs, product development, manufacturing expansion, and working capital purposes.

The securities were offered under a shelf registration statement filed with the Securities and Exchange Commission in July 2023 and declared effective in August 2023. The offering was completed through a written prospectus with a final prospectus supplement filed with the SEC.

Sidus Space operates a 35,000-square-foot manufacturing facility on Florida's Space Coast and provides satellite manufacturing, AI-driven space-based data solutions, and space hardware manufacturing services to government, defense, intelligence, and commercial customers.

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