Sidus Space raises $2M via convertible preferred and warrant offering; board declassified

Sidus Space Inc.

Gross proceeds $2M from registered direct offering of 2,000 Series A Convertible Preferred shares, convertible into ~19.7M common shares at $0.10152/share.
Concurrent private placement of warrants to purchase up to 19.7M common shares at $0.10152, exercisable for 5 years.
Series A Preferred carries 10% annual dividend (20% upon triggering event) and full-ratchet anti-dilution protection.
Board declassified via Bylaws amendment on Oct 9; stockholder approval sought for Nasdaq rules with 61% voting support secured.

item 1.01 item 3.02 item 5.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Sidus Space Inc.: Declassified the Board of Directors by amending the Amended and Restated Bylaws (effective 2023-10-09).

Change: bylaw amendment
Effective: 2023-10-09

Exact text from the filing

On October 9, 2023, the Board approved an amendment to the Bylaws to declassify the Board.

View on SEC.gov

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Sidus Space Inc.: Filed Certificate of Designations for Series A Convertible Preferred Stock (effective 2023-10-12).

Change: charter amendment
Effective: 2023-10-12

Exact text from the filing

On October 12, 2023, the Company filed the Certificate of Designations of Preferences, Rights and Limitations of Series A Preferred Stock (the “Certificate of Designations”), designating 2,000 shares of Series A Preferred Stock, with the Secretary of State of the State of Delaware.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Sidus Space Inc. entered into Purchase Agreement with certain institutional investors valued at $2 million (effective 2023-10-11).

Action: entry
Agreement: equity purchase
Counterparty: certain institutional investors
Value: $2 million
Effective: 2023-10-11

Exact text from the filing

On October 11, 2023, Sidus Space, Inc. (the “Company”) entered into a securities purchase agreement (the “Purchase Agreement”) with certain institutional investors, pursuant to which the Company agreed to issue and sell to such investor, in a registered direct offering (the “Offering”), an aggregate of 2,000 shares of the Company’s Series A convertible preferred stock, par value $0.0001 per share and stated value of $1,000 per share (the “Series A Preferred Stock”) at an offering price of $1,000 per share.

View on SEC.gov

1 governance changes filed in the last 30 days. Browse all governance changes →

Sidus Space Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-037115

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.