Sidus Space closes $7.5 million public offering

Sidus Space Inc. (NASDAQ: SIDU) completed a public offering of 7,143,000 shares of Class A common stock at $1.05 per share, generating gross proceeds of approximately $7.5 million before fees and expenses.

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

"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.

ThinkEquity served as the sole placement agent for the offering. The securities were sold under a shelf registration statement filed with the Securities and Exchange Commission in July 2023 and declared effective in August 2023.

Sidus Space operates from Florida's Space Coast and provides satellite manufacturing, space-based data solutions, and defense hardware manufacturing services to government, defense, intelligence, and commercial clients. The company operates a 35,000-square-foot manufacturing facility and has manufactured and operated its own satellite system called LizzieSat.

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