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Boustead Underwrites $11.2 Million Public Offering for its Nasdaq IPO Client Sidus Space (SIDU)



Cape Canaveral, FL & Irvine, CA, April 26, 2023 – Boustead Securities, LLC (Boustead) underwrites an $11.2 million public offering for its Nasdaq IPO client Sidus Space, Inc. (Nasdaq: SIDU) (“Sidus Space” or the “Company”), a Space-as-a-Service satellite company. The closing of its underwritten public offering of 34,090,904 shares of its Class A common stock, or pre-funded warrants in lieu thereof, and 34,090,904 warrants, included the partial exercise of the underwriters’ over-allotment option. Each share of Class A common stock and accompanying warrant was sold to the public at a combined price of $0.33. Each warrant allows the purchase of one share of Class A common stock at an exercise price of $0.33 per share. The gross proceeds to the Company from this offering were approximately $11.2 million before deducting underwriting discounts, commissions and other offering expenses.

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.


Boustead Securities, LLC and EF Hutton, division of Benchmark Investments, LLC acted as the representatives of the underwriters for the offering.


The registration statement on Form S-1 (File No. 333-270850) relating to the securities sold in this offering was originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 27, 2023 and became effective on April 20, 2023. A final prospectus related to the offering was filed on April 21, 2023 and is available on the SEC’s website at https://www.sec.gov/. The offering was made only by means of a prospectus. Copies of the final prospectus may be obtained from EF Hutton, division of Benchmark Investments, LLC, Attn: Syndicate Department, 590 Madison Ave., 39th Floor, New York, New York 10022, by telephone at (212) 404-7002, by fax at (646) 861-4697, or by email at syndicate@efhuttongroup.com.


This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

 

About Sidus Space, Inc.

Sidus Space makes it easy for any corporation, industry or vertical to start their journey off-planet with our rapidly scalable, low-cost satellite services, space-based solutions and testing alternatives. More than just a “Satellite-as-a-Service” provider, we become your trusted Mission Partner from concept to Low Earth Orbit and beyond. For more information, please visit www.sidusspace.com


About Boustead Securities, LLC

Boustead Securities, LLC is an investment banking firm that executes and advises on IPOs, mergers and acquisitions, capital raises and restructuring assignments in a wide array of industries, geographies and transactions, for a broad client base. Boustead’s core value proposition is the ability to create opportunity through innovative solutions and tenacious execution. With experienced professionals in the United States, Boustead’s team moves quickly and provides a broad spectrum of sophisticated financial advice and services. Boustead is a majority-owned subsidiary of Boustead & Company Limited, a diversified non-bank financial institution. For more information visit please visit: www.boustead1828.com

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