2023-04-20 17:59:51 ET
-
Sidus Space ( NASDAQ: SIDU ) on Thursday priced a public offering of Class A shares and warrants to raise $10 million.
-
Shares -17.4% at 31 cents after hours.
-
The company priced the offering of 30,303,030 Class A common stock, or pre-funded warrants in lieu thereof, and 30,303,030 warrants.
-
Each share of Class A common stock and accompanying warrant is being sold at a combined price of $0.33.
-
Each warrant allows the purchase of one share of Class A common stock.
-
Sidus Space said underwriters have a 45-day option to purchase up to an additional 4,545,454 shares (or pre-funded warrants) and/or 4,545,454 additional warrants to cover over-allotments, if any.
-
The offering is expected to close on April 25, 2023, subject to customary closing conditions.
-
Proceeds will be used for sales and marketing, operational costs, product development, manufacturing expansion and the remaining proceeds for working capital and other general corporate purposes, Sidus Space said.
For further details see:
Sidus Space stock nosedives 17% after pricing $10M stock and warrants offering