Sidus Space, Inc. announced the pricing and closing of a best-efforts public offering of 7,143,000 shares of its Class A common stock. Each share was sold at a public offering price of $1.05, generating gross proceeds of approximately $7.5 million before deducting placement agent’s fees and offering expenses.
The company intends to use the net proceeds from the offering for various purposes, including sales and marketing, operational costs, product development, manufacturing expansion, and working capital and other general corporate purposes.
This capital raise bolsters Sidus Space's liquidity, allowing the team to focus on the execution of its strategy and high-growth initiatives. The offering was made pursuant to a shelf registration statement on Form S-3, which was declared effective on August 14, 2023.
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