Sidus Space Closes $14.1 Million Capital Raise: Details

Nabaparna Bhattacharya

December 20, 2024

Sidus Space, Inc. (NASDAQ:SIDU) shares are trading lower in the premarket session on Friday.

The company revealed it had successfully closed a transaction with accredited and institutional investors, issuing units consisting of shares of Class A common stock (or Pre-funded Warrants in lieu) along with Common Warrants.

The offering raised approximately $14.1 million in gross proceeds, before deducting fees and expenses.

The company issued 6.82 million shares of Class A common stock (or Pre-funded Warrants) and accompanying Common Warrants, allowing investors to purchase an additional 3.41 million shares at an exercise price of $2.25 per share over the next five and a half years. Each Pre-funded Warrant has an exercise price of $0.0001 per share.

Also Read: US Stocks To Open Lower As Traders Brace For ‘Triple Witching’ Hour: Analyst Says End Of The Year Recovery ‘Would Not Surprise Anyone’

Sidus plans to use the proceeds from this offering for working capital and general corporate purposes. ThinkEquity served as the exclusive placement agent for the transaction.

In November, Sidus Space provided an update on the progress of its LizzieSat-2 satellite.

The satellite has completed launch processing at the Astrotech Space Operations facility at Vandenberg Space Force Base, California, and has been handed over to SpaceX for the upcoming Bandwagon-2 rideshare mission, scheduled for December 2024.

LizzieSat-2, developed at Sidus Space’s Florida facility, features advanced sensors such as AIS, multi-spectral methane detection, and high-resolution visual spectrum sensors, alongside the HEO Holmes Imager, developed by HEO (USA), a subsidiary of Australia-based HEO.

Price Action: SIDU shares are trading lower by 7.10% to $4.58 premarket at last check Friday.

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