Sidus Space Down Over 15%: What's Going On?

Sidus Space Inc. SIDU shares are diving on Tuesday.

The company announced the successful deployment of its payload to low Earth orbit as part of SpaceX’s Transporter-10 Rideshare mission. 

The launch occurred at 2:05 p.m. PDT from Space Launch Complex 4 East at Vandenberg Space Force Base in California.

The launch of LizzieSat represents a significant milestone for Sidus Space, heralding its debut in the forefront of space technology and data services, the company said in a press release.

LizzieSat seeks to transform space-based data gathering and analysis with its Space Platform and integration of FeatherEdge AI. 

This mission targets expansion across military and commercial sectors, catering intelligence solutions to defense, agriculture, maritime and oil and gas industries.

Sidus Space remains dedicated to advancing space technology and data collection as the LizzieSat mission progresses. 

The company eagerly anticipates upcoming missions, including the launch of LizzieSat-2 and LizzieSat-3 on future SpaceX Rideshare missions.

On Feb. 29, the company announced the pricing of an underwritten public offering of 1.32 million shares of its Class A common stock. 

Each share of Class A common stock is being sold at a public offering price of $6.00 per share for gross proceeds of approximately $7.9 million, before deducting underwriting discounts and offering expenses. 

The company is offering all of the shares of common stock.

Sidus Space intends to use the net proceeds from the offering for working capital and general corporate purposes.

The offering is expected to close today, March 5, 2024, subject to customary closing conditions.

SIDU Price Action: Sidus Space shares are trading down by 15.83% at $4.77 on the last check Tuesday. 

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Photo: Courtesy of Sidus Space