- Sidus Space ( NASDAQ: SIDU ) shares plunged around 60% premarket on Tuesday after the satellite company priced its $4.5M securities offering.
- The offering comprises 15M shares of SIDU's Class A common stock (or pre-funded warrants)in lieu thereof. Each share of Class A common stock is being sold to the public at a price of $0.30/share.
- The underwriters have been granted a 45-day option to purchase up to an additional 2.25M shares and pre-funded warrants to cover over-allotments, if any.
- Gross proceeds are expected to be ~$4.5M. Net 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.
- The offering is expected to close on February 2, 2023, subject to customary closing conditions.
For further details see:
Sidus Space stock plunges after pricing $4.5M securities offering