Why Sidus Space Shares Are Trading Sharply Lower

Sidus Space Inc SIDU shares are trading lower by 29.35% to $0.26 Friday morning after the company announced pricing of a $10 million public offering.

What Else?

Sidus Space says the company is pricing its $10 million public offering at $0.33 per class A shares with accompanying warrant.

The offering is meanwhile expected to close on April 25, subject to customary closing conditions.

Sidus Space intends to use the net proceeds of the offering for sales and marketing, operational costs, product development, manufacturing expansion and the remaining proceeds for working capital and other general corporate purposes.

According to data from Benzinga Pro, Sidus Space has a 52-week high of $9.22 and a 52-week low of $0.37.