Sidus Space Inc (NASDAQ:SIDU) has launched an underwritten public offering to raise gross proceeds of approximately $10 million.
Sidus Space said it intends to use the net proceeds for sales and marketing, operational costs, product development, manufacturing expansion and the remaining proceeds for working capital and other general corporate purposes.
The offering consists of 30,303,030 shares of Sidus class A common stock, or pre-funded warrants, and 30,303,030 warrants, being sold at a combined price of $0.33.
Each warrant allows the purchase of one share of Class A common stock.
Sidus Space has granted the underwriters a 45-day option to purchase up to an additional 4,545,454 shares and/or 4,545,454 additional warrants to cover over-allotments, if any.
The offering is expected to close on April 25, 2023, subject to customary closing conditions.
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