Why Sidus Space Shares Are Trading 55% Lower

Why Sidus Space Shares Are Trading 55% Lower

Sidus Space Inc SIDU shares are trading lower by 55.62% to $0.40 Tuesday morning after the company announced pricing of a $4.5 million public offering.

What Else?

Sidus Space says the company 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.

See Also: Here's Why UPS And FedEx Shares Are Moving

The offering is expected to close on February 2, subject to customary closing conditions.

According to data from Benzinga Pro, Sidus Space has a 52-week high of $12.45 and a 52-week low of $0.38.

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