Sidus Space, Inc. SIDU shares are trading lower in Monday's after-hours session after the company announced a proposed public offering.
What To Know: Sidus Space stock fell over 38% in after-hours trading on Monday in response to the news reported after the close of the market.
The company stated it intends to offer to sell shares of its Class A common stock, and/or pre-funded warrants, in an underwritten public offering, granting the underwriter a 45-day option to purchase up to an additional 15% of the number of shares. All of the shares are to be sold by the company.
The net proceeds from the offering are planned to be used for working capital and general corporate purposes.
SIDU Price Action: Shares of Sidus Space were down 33.45% at $5.79 in the after-hours session Monday at the time of publication, according to Benzinga Pro.
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