price up icon6.18%   0.16
pre-market  Pre-market:  2.74   -0.010   -0.36%

Why is Sidus Space Inc (SIDU) Stock down?

We've noticed a 5.08% decline in Sidus Space Inc (SIDU) stock during the 2024-07-03 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
30 Jan, 2024:

Sidus Space Inc (SIDU) stock plummeted by 44.25% due to the announcement of a public offering. The company is set to offer 1.25 million shares at a price of $4.50 per share, with expected gross proceeds of approximately $5.63 million from the offering.

  • Usage of Proceeds: Sidus Space plans to utilize the funds generated from the public offering for working capital and general corporate purposes. The offering is scheduled to conclude on Thursday, with ThinkEquity serving as the sole book-running manager for the transaction.
  • Impact on SIDU Stock: Public offerings typically increase the total number of shares available in the market, resulting in dilution of existing shareholders' stakes. Moreover, the offering price of $4.50 per share represents a significant discount compared to the prior closing price of $8.70 per share. This price differential accounts for the substantial drop in SIDU stock to align with the public offering price.
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