Sidus Space Announces Successful Completion of $14 Million Private Placement

Sidus Space, Inc. recently disclosed in an 8-K SEC filing that on December 17, 2024, the Company entered into securities purchase agreements for a private placement offering. The agreements were with accredited and institutional investors, resulting in the issuance and sale of a total of 5,657,090 shares of the Company’s Class A common stock, along with pre-funded warrants and warrants to purchase additional shares.

The terms of the offering included the issuance of common warrants exercisable immediately at $2.25 per share, with a five and a half-year exercise term. The Company also entered into a registration rights agreement with investors, agreeing to file a registration statement with the SEC to facilitate the resale of the shares issued in the private placement.

The closing of the private placement took place on December 18, 2024, generating gross proceeds of approximately $14 million for Sidus Space before accounting for agent fees and offering expenses. The net proceeds from the placement are intended for utilization in the Company’s working capital and general corporate purposes.

ThinkEquity LLC acted as the exclusive placement agent for the private placement, with a cash fee of 8.0% of the total purchase price. Additionally, ThinkEquity will receive placement agent warrants to purchase up to 340,995 shares of the Company’s Common Stock at an exercise price of $2.25 per share.

The transaction involved customary representations, warranties, and agreements between the parties, details of which are available in the complete text of the agreements provided in the filing.

Furthermore, Sidus Space, Inc. furnished a press release on December 17, 2024, announcing the pricing of the private placement, indicating the Company’s strategic move in securing additional investment. This press release, provided as Exhibit 99.1, offers a comprehensive overview of the private placement offering to investors.

The Company intends to utilize the proceeds from the private placement offering for enhancing its working capital reserves and supporting its broader corporate initiatives. The securities issued were not registered under the Securities Act of 1933, signifying restrictions on resale without appropriate registration or compliance with exemptions.

Investors and stakeholders of Sidus Space can access further details about the offering, agreements, and related information in the official filings available on the SEC’s website.

Please note that the information in this article is based on the content of the 8-K SEC filing submitted by Sidus Space, Inc. on the specified date.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Sidus Space’s 8K filing here.

Sidus Space Company Profile

Sidus Space, Inc, a space-as-a-service company, engages in the design, manufacture, launch, and data collection of commercial satellite worldwide. Its space services include satellite/space hardware manufacturing; Low Earth Orbit (LEO) launch and deployment services; and space-based geospatial intel, imagery, and data analytics.