Sidus Space Inc (NASDAQ:SIDU) announced that it intends to raise about $2 million in a registered direct offering and concurrent private placement that will be used for working capital purposes.
The company said Thursday it has entered into a securities purchase agreement with certain institutional investors for the purchase and sale of 2,000 shares of its Series A Convertible Preferred Stock with a stated value of $1,000 per share in a registered direct offering.
The shares of Series A Convertible Preferred Stock are immediately convertible into an aggregate of 19,700,552 shares of common stock at a conversion price of $0.10152.
In the concurrent private placement, Sidus said it will issue to the investors unregistered warrants to purchase up to an aggregate of 19,700,552 shares of common stock.
The company said the warrants have an exercise price of $0.10152 per share, will be exercisable immediately following the date of issuance and expire in five years.
The registered direct offering and concurrent private placement are expected to close on or about October 13, 2023.
Sidus is a multi-faceted Space and Data-as-a-Service company focused on mission-critical hardware manufacturing; multi-disciplinary engineering services; satellite design, production, launch planning, mission operations; and in-orbit support.
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