Sidus Space, Inc. announced the closing of its previously announced best-efforts public offering of 9,800,000 shares of its Class A common stock. Each share was sold at a public offering price of $1.00, generating gross proceeds of approximately $9.8 million before deducting placement agent’s fees and offering expenses.
The company intends to use the net proceeds from this offering for working capital and general corporate purposes. This capital infusion is crucial for supporting Sidus Space's ongoing operations and strategic growth initiatives.
This public offering, while providing necessary capital, results in dilution for existing shareholders due to the issuance of new shares. The offering was conducted pursuant to a shelf registration statement on Form S-3, which became effective on August 14, 2023.
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