Summary by Moomoo AI
On February 29, 2024, Sidus Space, Inc., a Space and Data-as-a-Service company, announced the entry into an underwriting agreement with ThinkEquity LLC for a firm commitment underwritten public offering of 1,321,000 shares of its Class A common stock at $6.00 per share. The offering was made under the company's existing shelf registration statement and included a prospectus supplement. The closing of the offering took place on March 5, 2024, with net proceeds expected to be approximately $7 million, intended for working capital and general corporate purposes. Additionally, the company issued Representative's Warrants to the underwriters, exercisable for up to 66,050 shares of Class A common stock at $7.50 per share. The company's CFO, Bill White, entered into a lock-up agreement restricting the sale of company securities for 180 days post-offering. Sidus Space also agreed not to issue or announce any new offerings of capital stock for 90 days from the offering date. The underwriting agreement includes customary representations, warranties, covenants, and indemnification provisions.