Sidus Space has officially closed its previously announced best-efforts public offering, raising approximately $7.5m through the sale of 7,143,000 shares of its Class A common stock. The shares were priced at $1.05 each, with all shares sold directly by the company. Gross proceeds were reported before the deduction of placement agent fees and other offering-related expenses.
The company stated that the net proceeds will be allocated to several key areas, including sales and marketing, operational costs, product development, manufacturing expansion and general corporate purposes. The capital infusion is expected to enhance Sidus Space’s ability to scale its operations and support future growth.
Carol Craig, Chief Executive Officer, Sidus Space, said: “This offering, coupled with our recently announced launch of our dual-use Fortis VPX product line with integrated AI/ML processing, positions Sidus to focus on significant growth opportunities.”
Adarsh Parekh, Chief Financial Officer, added: “The additional capital bolsters our liquidity, allowing our team to fully focus on the execution of our strategy and high growth initiatives that we expect will drive real outcomes for our customers.”
Investment banking firm ThinkEquity served as the sole placement agent for the offering.
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