Sidus Space, Inc. ( SIDU ) shares are trading lower in the premarket session on Friday.

The company revealed it had successfully closed a transaction with accredited and institutional investors, issuing units consisting of shares of Class A common stock (or Pre-funded Warrants in lieu) along with Common Warrants.

The offering raised approximately $14.1 million in gross proceeds, before deducting fees and expenses.

The company issued 6.82 million shares of Class A common stock (or Pre-funded Warrants) and accompanying Common Warrants, allowing investors to purchase an additional 3.41 million shares at an exercise price of $2.25 per share over the next five and a half years. Each Pre-funded Warrant has an exercise price of $0.0001 per share.

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Sidus plans to use the proceeds from this offering for working capital and general corporate purposes. ThinkEquity served as the exclusive placement agent for the transaction.

In November, Sidus Space ( SIDU ) provided an update on the progress of its LizzieSat-2 satellite.

The satellite has completed launch processing at the Astrotech Space Operations facility at Vandenberg Space Force Base, California, and has been handed over to SpaceX for the upcoming Bandwagon-2 rideshare mission, scheduled for December 2024.

LizzieSat-2, developed at Sidus Space’s Florida facility, features advanced sensors such as AIS, multi-spectral methane detection, and high-resolution visual spectrum sensors, alongside the HEO Holmes Imager, developed by HEO (USA), a subsidiary of Australia-based HEO.

Price Action: SIDU shares are trading lower by 7.10% to $4.58 premarket at last check Friday.

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