Sidus Space, Inc. (SIDU) Announces Closing of Public Offering
Sidus Space, Inc. (NASDAQ:SIDU) is among the 10 Best Low Priced Defense Stocks to Buy Now, based on hedge fund sentiment. On July 29, the company announced the closing of its public offering of 7,143,000 shares of its Class A common stock.
A satellite in the night sky, glimmering with the promise of aerospace exploration.
Each share was sold at a public offering price of $1.05 for gross proceeds of around $7.5 million, before deducting offering expenses and the placement agent’s fees. Sidus Space, Inc. (NASDAQ:SIDU) intends to use the net proceeds for operational costs, sales and marketing, product development, manufacturing expansion, working capital, and other corporate purposes.
CEO Carol Craig said the offering, coupled with the recent launch of dual-use Fortis VPX product line with integrated AI/ML processing, positions the company well to focus on growth opportunities ahead. Adarsh Parekh, the firm’s CFO, believes the additional capital will strengthen the company’s liquidity and aid in strategy execution and high-growth initiatives.
Sidus Space, Inc. (NASDAQ:SIDU) is engaged in the design, manufacture, launch, and data collection of satellites. It serves the aerospace, commercial space, and defense industries.
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Disclosure: None.
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