Sidus Space, Inc. (“Sidus” or the “Company”) (NASDAQ:SIDU), a multi-faceted Space and Data-as-a-Service company, today announced that it has entered into a securities purchase agreement with certain institutional investors for the purchase and sale of 2,000 shares of its Series A Convertible Preferred Stock, stated value $1,000 per share in a registered direct offering. The shares of Series A Convertible Preferred Stock are initially convertible into an aggregate of 19,700,552 shares of common stock at a conversion price of $0.10152. In addition, in a concurrent private placement, Sidus will issue to the investors unregistered warrants to purchase up to an aggregate of 19,700,552 shares of common stock. The warrants will have an exercise price of $0.10152 per share, will be exercisable immediately following the date of issuance and will expire in five years. The closing of the registered direct offering and the concurrent private placement is expected to occur on or about October 13, 2023, subject to the satisfaction of customary closing conditions.
Dawson James Securities, Inc. acted as the sole placement agent for the offering.
The gross proceeds to Sidus from the offering are expected to be approximately $2.0 million, before deducting the placement agent’s fees and other offering expenses payable by Sidus. Sidus intends to use the net proceeds from the offering for working capital.
