Sidus Space Inc (NASDAQ:SIDU) has revealed the pricing of an underwritten public offering of 15 million Class A shares.
Each share of Class A common stock is being sold to the public at a price of $0.30, according to a statement from the company.
That amounts to gross proceeds of approximately $4.5 million before expenses, and excluding the exercise of the over-allotment option, if any, the firm added.
READ: Sidus Space expands commercial data distribution strategy through agreement with SkyWatch
In addition, Sidus Space has granted the underwriters a 45-day option to purchase up to an additional 2,250,000 shares and pre-funded warrants to cover over-allotments, if any.
Sidus told shareholders it intends to use the net proceeds of the offering for sales and marketing, operational costs, product development, manufacturing expansion and the remaining proceeds for working capital and other general corporate purposes.
The offering is expected to close on February 2, 2023, subject to customary closing conditions.
Based in Cape Canaveral, Florida, Sidus Space delivers a broad range of Space-As-a-Service offerings including space-rated hardware manufacturing, design engineering, satellite manufacturing and platform development, launch and support services, data analytics services and satellite constellation management.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas