As
filed with the U.S. Securities and Exchange Commission on December 23, 2024
Registration
No. 333-
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
S-3
REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933
SIDUS
SPACE, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
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46-0628183 |
(State
or other jurisdiction |
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(I.R.S.
Employer |
of
incorporation or organization) |
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Identification
Number) |
150
N. Sykes Creek Parkway, Suite 200
Merritt
Island, FL 32953
(321)
450-5633
(Address,
including zip code, and telephone number, including area code, of registrant’s principal executive offices)
Carol
Craig
Chief
Executive Officer
Sidus
Space, Inc.
150
N. Sykes Creek Parkway, Suite 200
Merritt
Island, FL 32953
(321)
450-5633
(Name,
address, including zip code, and telephone number, including area code, of agent for service)
With
copies to:
Jeffrey
J. Fessler, Esq.
Sean
F. Reid, Esq.
Sheppard,
Mullin, Richter & Hampton LLP
30
Rockefeller Plaza
New
York, NY 10112
Tel:
(212) 653-8700
Fax:
(212) 653-8701
Approximate
date of commencement of proposed sale to the public: From time to time, after the effective date of this registration statement.
If
the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check
the following box: ☐
If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following
box: ☒
If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering. ☐
If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If
this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective
upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☐
If
this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional
securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
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Accelerated
filer ☐ |
Non-accelerated
filer ☒ |
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Smaller
reporting company ☒ |
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Emerging
growth company ☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act. ☐
The
registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the
registrant shall file a further amendment that specifically states that this registration statement shall thereafter become effective
in accordance with Section 8(a) of the Securities Act of 1933 or until this registration statement shall become effective on such date
as the Commission, acting pursuant to said Section 8(a), may determine.
The
information in this prospectus is not complete and may be changed. The selling stockholders listed herein may not sell these securities
until the registration statement filed with the U.S. Securities and Exchange Commission is effective. This preliminary prospectus is
not an offer to sell these securities, and it is not soliciting an offer to buy these securities in any state where the offer or sale
is not permitted.
PRELIMINARY
PROSPECTUS
Subject
to completion, dated December 23, 2024
Sidus
Space, Inc.
10,229,838
Shares of Class A Common Stock
Pursuant
to this prospectus, the selling stockholders identified herein (the “Selling Stockholders”) are offering on a resale basis
an aggregate of 10,229,838 shares (the “Shares”) of common stock, par value $0.0001 per share (the “Class A common
stock”) of Sidus Space, Inc. (the “Company,” “we,” “us” or “our”) consisting of:
(i) 5,657,090 shares of the Company’s Class A common stock issued pursuant to a securities purchase agreement entered into by and
between us and each of the Selling Stockholders dated December 17, 2024 (the “Purchase Agreement”); (ii) 1,162,802 shares
of Class A common stock (the “Pre-Funded Warrant Shares”) issuable upon exercise of pre-funded warrants (the “Pre-Funded
Warrants”) issued to certain of the Selling Stockholders pursuant to the Purchase Agreement; and (iii) 3,409,946 shares of Class
A common stock (the “Common Warrant Shares”) issuable upon exercise of warrants to purchase shares of Common Stock (the “Common
Warrants” and together with the Pre-Funded Warrants, the “Warrants”) issued to the Selling Stockholders pursuant to
the Purchase Agreement.
The
above referenced securities were issued to the investors in reliance upon the exemption from the registration contained in Section 4(a)(2)
of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506 of Regulation D promulgated thereunder. We
are registering the offer and resale of the Shares to satisfy the provisions of the registration rights agreement by and between us and
each of the Selling Stockholders (the “Registration Rights Agreement”) in connection with the Purchase Agreement, pursuant
to which we agreed to register the resale of the Shares.
We
will not receive any of the proceeds from the sale by the Selling Stockholders of the Shares. Upon any exercise of the Warrants by payment
of cash, however, we will receive the exercise price of the Warrants, which, if exercised in cash with respect to the 1,162,802 Pre-Funded
Warrant Shares and the 3,409,946 Common Warrant Shares, would result in gross proceeds to us of approximately $116 and $7.7 million,
respectively. However, we cannot predict when and in what amounts or if the Warrants will be exercised by payments of cash and it is
possible that the Warrants may expire and never be exercised, in which case we would not receive any cash proceeds.
The
Selling Stockholders identified in this prospectus may offer the Shares from time to time through public or private transactions at fixed
prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined
at the time of sale, or at negotiated prices. The registration of the Shares on behalf of the Selling Stockholders; however, does not
necessarily mean that any of the Selling Stockholders will offer or sell their Shares under this registration statement or at any time
in the near future. We provide more information about how the selling stockholders may sell their Shares in the section entitled “Plan
of Distribution” on page 15.
The
Selling Stockholders will bear all commissions and discounts, if any, attributable to the sale or disposition of the Shares, or interests
therein. We will not be paying any underwriting discounts or commissions in this offering. We will pay the expenses of registering the
Shares pursuant to this prospectus.
Our
Class A common stock is listed on The Nasdaq Capital Market under the symbol “SIDU”. On December 20, 2024, the closing price
per share of our Class A common stock as reported on The Nasdaq Capital Market was $3.96 per share.
We
are an “emerging growth company” under the federal securities laws and, as such, are subject to reduced public company reporting
requirements.
We
may amend or supplement this prospectus from time to time by filing amendments or supplements as required. You should read the entire
prospectus and any amendments or supplements carefully before you make your investment decision.
Investing
in our securities involves various risks. See “Risk Factors” contained herein for more information on these risks.
Additional risks will be described in the related prospectus supplements under the heading “Risk Factors.” You should
review that section of the related prospectus supplements for a discussion of matters that investors in our securities should consider.
Neither
the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities, or passed
upon the adequacy or accuracy of this prospectus or any accompanying prospectus supplement. Any representation to the contrary is a criminal
offense.
The
date of this prospectus is , 2024.
TABLE
OF CONTENTS
You
should rely only on the information provided in this prospectus, as well as the information incorporated by reference into this prospectus
and any applicable prospectus supplement. Neither we nor the selling stockholders have authorized anyone to provide you with different
information. Neither we nor the selling stockholders are making an offer of these securities in any jurisdiction where the offer is not
permitted. You should not assume that the information in this prospectus, any applicable prospectus supplement or any documents incorporated
by reference is accurate as of any date other than the date of the applicable document. Since the respective dates of this prospectus
and the documents incorporated by reference into this prospectus, our business, financial condition, results of operations and prospects
may have changed.
PROSPECTUS
SUMMARY
The
following summary highlights selected information contained elsewhere in this prospectus and the documents incorporated by reference
herein and is qualified in its entirety by the more detailed information and financial statements included elsewhere in this prospectus.
It does not contain all the information that may be important to you and your investment decision. You should carefully read this entire
prospectus, including the matters set forth under “Risk Factors,” included elsewhere in this prospectus and “Management’s
Discussion and Analysis of Financial Condition and Results of Operations,” and our financial statements and related notes included
in our Annual Report on Form 10-K for the year ended December 31, 2023 incorporated by reference herein, unless context requires otherwise,
references to “we,” “us,” “our,” “Sidus Space” “Sidus,” or “the Company”
refer to Sidus Space, Inc.
Unless
otherwise indicated, all share information and per share information contained in this prospectus gives effect to a 1-for 100 share reverse
stock split of the Company’s Class A common stock and Class B common stock effected on December 19, 2023
Company
Overview
Overview
Founded
in 2012, we are a space mission enabler that provides flexible, cost-effective solutions including custom satellite design, payload hosting,
mission management, space manufacturing and AI enhanced space-based sensor data-as-a-service for government, defense, intelligence, and
commercial companies around the globe. We are committed to rapid innovation, adaptable and cost-effective solutions, and the optimization
of space system and data collection performance.
We
offer customers a variety of mission options whether the ability to host a technology, procure a satellite bus, or simply purchase data
as a service. Our modular LizzieSat satellite, which is the first of its kind 3D printed, multi-sensor, multi-mission satellite, is a
flexible, cost-effective platform that can be easily adapted to integrate new payloads or customized and scaled to create a new satellite
design to meet mission requirements.
We
utilize our FeatherEdge AI to provide on-orbit data processing, providing more efficient and effective data delivery. We also deliver
data-as-a-service via LizzieSat sensors to provide situational awareness for a wide variety of missions including methane detection,
AIS tracking, border security, or technology characterization missions. We are able to customize the data processing to accomplish new
missions.
We
are an innovative mission collaborator with the ability to rapidly respond to change. We partner with customers to develop optimum mission
solutions to meet mission requirements and budget and collaborate with customers across the globe. Our FeatherEdge AI data processing
algorithms have the ability to be upgraded while in-orbit, which provides additional mission flexibility. We also capitalize on our vertically
integrated in-house capabilities, which include engineering, manufacturing, and mission management, to respond rapidly to mission changes.
We
have demonstrated successful manufacturing and operation of hardware and satellites in a space environment. We designed, launched, and
manage our own satellite LizzieSat, which achieved first launch mission success in March of 2024. The success of our LizzieSat is built
upon our work over the last decade, where we produced numerous flight-proven systems, platforms, devices, and hardware for other customers
including NASA, DoD, SpaceX, and Blue Origin. We are strategically headquartered on Florida’s Space Coast, which provides easy
access to nearby launch facilities, and we operate a 35,000-square-foot manufacturing, assembly, integration, and testing facility which
reduces production time. We have an experienced team with expertise in multi-disciplinary engineering, mission-critical hardware manufacturing,
satellite design, production, launch planning, mission operations, and in-orbit support.
We
continue to focus on innovation and agility. In October of 2024, we received approval from the U.S. Federal Communications Commission
(FCC) to operate a micro constellation of remote sensing, multi-mission satellites in Low Earth Orbit (LEO), and we continue to enhance
the capabilities of our LizzieSat platform. Planned enhancements include:
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VPX
open architecture with simplified assembly and integration, reduced mass, and better performance |
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Integration
of a processor capable of handling one hundred trillion or Tera Operations Per Second (TOPS) |
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Upgraded
payload processor with Field Programmable Gate Array (FPGA) capable of handling payloads at high speed up to 12 Gb/s; also includes
five times more computing power and more speed with a 1.8 GHz quad core processor |
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Up
to 4 Tb memory storage |
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Upgraded
2nd generation FeatherEdge AI/ML product that includes an Iridium module to enable intersatellite communication for low-latency direct-to-satellite
phone message delivery. |
Our
products and services are offered through several business units: Space-as-a-Service, Space-Based Data Solutions, Artificial Intelligence/Machine
Learning (AI/ML) Products and Services, Mission Planning and Management Operations, 3D Printing Products and Services, Satellite Manufacturing
and Payload Integration, and Space and Defense Hardware Manufacturing.
Our
vertically integrated model with complementary lines of business enables us to unlock new potential revenue generating opportunities
while maintaining diversity of revenue. We are not dependent on a single line of business or customer, which provides us the “optionality”
to scale where market needs demand. This diversity mitigates risks associated with external factors like macroeconomic shifts or technological
disruptions. Our flexibility allows us to adapt swiftly to market changes, supporting growth across all our business lines.
Recent
Developments
December
2024 Private Placement
On
December 17, 2024, we completed a private placement offering of (i) 5,657,090 shares of the Class A common stock, (ii) pre-funded warrants
to purchase up to 1,162,802 shares of Class A common stock at an exercise price of $0.0001 per share and (iii) warrants (the “Common
Warrants”) to purchase up to 3,409,946 shares of the Company’s Common Stock, at a purchase price of $2.25 per share of Common
Stock and accompanying warrants. For additional details regarding this transaction, please refer to “Private Placement of Shares
of Class A Common Stock and/or Pre-Funded Warrants and Warrants” located elsewhere in this prospectus.
November
2024 Public Offering
On
November 14, 2024, we completed a public offering of 4,520,000 shares of our Class A common stock at a public offering price of $1.25
per share, and pre-funded warrants to purchase up to 1,080,000 shares of Class A common stock at a public offering price of $1.249 per
pre-funded warrant, for which we received approximately $6.1 million of net proceeds. All of these pre-funded warrants have been exercised.
ThinkEquity served as sole underwriter for the offering. On November 25, 2024, ThinkEquity elected to exercise its over-allotment option
to purchase an additional 332,700 shares of Class A common stock for which we received approximately $380,000 of net proceeds.
Launch
and Deployment of First Satellite
On
March 4, 2024, we successfully launched and deployed our first LizzieSat satellite to low Earth orbit as part of SpaceX’s Transporter-10
Rideshare mission and are managing mission operations with the satellite from our operations center in Merritt Island, Florida. Our Mission
Control Center (MCC) team provides 24/7/365 coverage to monitor every aspect of a mission, from the health and status of the satellite
or spacecraft while in orbit, to performing operational tests throughout mission lifecycle. The MCC monitors propulsion, temperature,
on-board computers, and payload status and has the capability to identify potential risks, helping ensure the success of each mission.
Additionally, our MCC establishes and maintains bidirectional communication with satellites via a network of ground stations, allowing
for the transmittal of data and imagery while on-orbit back to Earth. Our MCC is scalable to support from one spacecraft to a full constellation
of many satellites and can support customers that do not have their own mission control capabilities.
As
part of LizzieSat operations we successfully completed an on-orbit autonomous systems demonstration mission for NASA Stennis. This marks
the first time NASA Stennis has ever flown a payload into space, recognized as a historic milestone by the NASA Stennis Center Director.
We were contracted by NASA to not only integrate and fly the technology but to handle launch and satellite activation and on-board data
collection. Once the primary mission objectives were completed, NASA provided Sidus Space with additional funding to complete new critical
objectives over the course of the next 12 months.
During
this mission we also demonstrated FeatherEdge’s ability to upload new algorithms post-launch, run a machine vision algorithm on
the hardware accelerator capable of processing data 300 times faster than a standard CPU, and to downlink health and status data to our
Sidus Mission Control Center in Merritt Island, FL. Our Google-powered AI processor sets the groundwork for substantial upgrades on future
launches, which is expected to include NVIDIA-powered AI accelerators with 25x more computing power than our previous version of FeatherEdge,
resulting in what we believe will be the highest performance edge computing capability on orbit.
March
2024 Public Offering
On
March 5, 2024, we completed an underwritten public offering of 1,321,000 shares of our Class A common stock at a public offering price
of $6.00 per share, for which we received approximately $7,100,000.00 of net proceeds. ThinkEquity served as sole underwriter for the
offering.
January
2024 Public Offering
On
January 29, 2024, we completed a public offering of 1,181,800 shares of our Class A common stock at a public offering price of $4.50
per share, and Pre-Funded Warrants to purchase up to 69,900 shares of Class A common stock at a public offering price of $4.499 per Pre-Funded
Warrant. ThinkEquity served as sole underwriter for the offering.
Corporate
Information
We
were formed as a limited liability company under the name Craig Technologies Aerospace Solutions, LLC on July 17, 2012. On April 15,
2021, we converted into a Delaware corporation, and on August 13, 2021 changed our name to Sidus Space, Inc. Our principal executive
offices are located at 150 N. Sykes Creek Parkway, Suite 200, Merritt Island, FL 32953 and our telephone number is (321) 450-5633. Our
website address is www.sidusspace.com. The information contained on our website is not incorporated by reference into this prospectus,
and you should not consider any information contained on, or that can be accessed through, our website as part of this prospectus or
in deciding whether to purchase our Class A common stock.
Implications
of Being an Emerging Growth Company
As
a company with less than $1.235 billion in revenues during our last fiscal year, we qualify as an emerging growth company as defined
in the Jumpstart Our Business Startups Act (“JOBS Act”) enacted in 2012. As an emerging growth company, we expect to take
advantage of reduced reporting requirements that are otherwise applicable to public companies. These provisions include, but are not
limited to:
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being
permitted to present only two years of audited financial statements, in addition to any required unaudited interim financial statements,
with correspondingly reduced “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
disclosure in this prospectus; |
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not
being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended (“Sarbanes-Oxley
Act”); |
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reduced
disclosure obligations regarding executive compensation in our periodic reports, proxy statements and registration statements; and
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exemptions
from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute
payments not previously approved. |
We
may use these provisions until the last day of our fiscal year following the fifth anniversary of the completion of our initial public
offering. However, if certain events occur prior to the end of such five-year period, including if we become a “large accelerated
filer,” our annual gross revenues exceed $1.235 billion or we issue more than $1.0 billion of non-convertible debt in any three-year
period, we will cease to be an emerging growth company prior to the end of such five-year period.
The
JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised
accounting standards. As an emerging growth company, we intend to take advantage of an extended transition period for complying with
new or revised accounting standards as permitted by The JOBS Act.
To
the extent that we continue to qualify as a “smaller reporting company,” as such term is defined in Rule 12b-2 under the
Securities Exchange Act of 1934, after we cease to qualify as an emerging growth company, certain of the exemptions available to us as
an emerging growth company may continue to be available to us as a smaller reporting company, including: (i) not being required to comply
with the auditor attestation requirements of Section 404(b) of the Sarbanes Oxley Act; (ii) scaled executive compensation disclosures;
and (iii) the requirement to provide only two years of audited financial statements, instead of three years.
RISK
FACTORS
An
investment in our securities involves a high degree of risk. This prospectus and the documents incorporated by reference herein contain
a discussion of the risks applicable to an investment in our securities. Prior to making a decision about investing in our securities,
you should carefully consider the specific factors discussed within this prospectus. and the risk factors discussed in the section entitled
“Risk Factors” contained in our Annual Report on Form 10-K for the year ended December 31, 2023 and incorporated herein by
reference. The risks and uncertainties we have described are not the only ones we face. Additional risks and uncertainties not presently
known to us or that we currently deem immaterial may also affect our operations. If any of the risks or uncertainties described in our
SEC filings or this prospectus or any additional risks and uncertainties actually occur, our business, financial condition and results
of operations could be materially and adversely affected. In that case, the trading price of our Class A common stock could decline and
you might lose all or part of your investment.
Risks
Related to this Offering
You
may experience future dilution as a result of future equity offerings.
In
order to raise additional capital, we may in the future offer additional shares of our Class A common stock or other securities convertible
into or exchangeable for our Class A common stock at prices that may not be the same as the price per share in this offering. We may
sell shares or other securities in any other offering at a price per share that is less than the price per share paid by any investors
in this offering, and investors purchasing shares or other securities in the future could have rights superior to existing stockholders.
The price per share at which we sell additional shares of our Class A common stock, or securities convertible or exchangeable into Class
A common stock, in future transactions may be higher or lower than the price per share paid by any investors in this offering.
The
Selling Stockholders are selling a substantial number of shares of our Class A common stock in this offering, which could cause the price
of our Class A common stock to decline.
In
this offering, the Selling Stockholders are offering shares of Class A common stock. The existence of the potential additional shares
of our Class A common stock in the public market, or the perception that such additional shares may be in the market, could adversely
affect the price of our Class A common stock. We cannot predict the effect, if any, that market sales of those shares of Class A common
stock or the availability of those shares of Class A common stock for sale will have on the market price of our Class A common stock.
Sales
of a substantial number of our shares of Class A common stock in the public markets, or the perception that such sales could occur, could
cause our stock price to fall.
We
may issue and sell additional shares of Class A commons stock in the public markets, including during this offering. As a result, a substantial
number of our shares of Class A common stock may be sold in the public market. Sales of a substantial number of our shares of Class A
common stock in the public markets, including in connection with this offering, or the perception that such sales could occur, could
depress the market price of our Class A common stock and impair our ability to raise capital through the sale of additional equity securities.
A
possible “short squeeze” due to a sudden increase in demand of our Class A common stock that largely exceeds supply may lead
to price volatility in our common stock.
Investors
may purchase our Class A common stock to hedge existing exposure in our Class A common stock or to speculate on the price of our Class
A common stock. Speculation on the price of our Class A common stock may involve long and short exposures. To the extent aggregate short
exposure exceeds the number of shares of our Class A common stock available for purchase in the open market, investors with short exposure
may have to pay a premium to repurchase our Class A common stock for delivery to lenders of our Class A common stock. Those repurchases
may in turn, dramatically increase the price of our Class A common stock until investors with short exposure can purchase additional
common stock to cover their short position. This is often referred to as a “short squeeze.” A short squeeze could lead to
volatile price movements in our Class A common stock that are not directly correlated to the performance or prospects of our Class A
common stock and once investors purchase the shares of Class A common stock necessary to cover their short position the price of our
Class A common stock may decline.
Because
we do not currently intend to declare cash dividends on our shares of Class A common stock in the foreseeable future, stockholders must
rely on appreciation of the value of our Class A common stock for any return on their investment.
We
have never paid cash dividends on our Class A common stock and do not plan to pay any cash dividends in the near future. We currently
intend to retain all of our future earnings, if any, to finance the operation, development and growth of our business. Furthermore, any
future debt agreements may also preclude us from paying or place restrictions on our ability to pay dividends. As a result, capital appreciation,
if any, of our Class A common stock will be your sole source of gain with respect to your investment for the foreseeable future.
The
dual-class structure of our common stock as contained in our amended and restated certificate of incorporation, as amended, has the effect
of concentrating voting influence with those stockholders who held our Class B common stock prior to our initial public offering. This
ownership could limit or preclude your ability to influence corporate matters, including the election of directors, amendments of our
organizational documents, and any merger, consolidation, sale of all or substantially all of our assets, or other major corporate transactions
requiring stockholder approval, and that may adversely affect the trading price of our Class A common stock.
Our
Class B Common Stock has ten votes per share, and our Class A Common Stock, which is the class of common stock that we are selling in
this offering, has one vote per share. Craig Technical Consulting, Inc., or CTC, of which Carol Craig, our Chairwoman and Chief executive
Officer is the sole owner, holds all of the issued and outstanding shares of our Class B Common Stock, representing approximately 9.0%
of the voting power of our outstanding capital stock as of December 23, 2024. In addition, because of the ten-to-one voting ratio between
our Class B and Class A Common Stock, after this offering the holder of our Class B Common Stock could continue to influence the outcome
of such corporate actions requiring stockholder approval including the election of directors, amendments of our organizational documents
and any merger, consolidation, sale of all or substantially all of our assets or other major corporate transactions requiring stockholder
approval. In addition, this influence may prevent or discourage unsolicited acquisition proposals or offers for our capital stock that
you may feel are in your best interest as one of our stockholders. As a result, it may adversely affect the market price of our Class
A Common Stock. If CTC continues to hold its shares of our Class B common stock, it could continue to influence these actions for an
extended period of time or indefinitely.
Future
transfers by holders of Class B Common Stock will generally result in those shares converting to Class A Common Stock, subject to limited
exceptions as specified in our amended and restated certificate of incorporation, such as transfers to family members and certain transfers
effected for estate planning purposes. The conversion of Class B Common Stock to Class A Common Stock will have the effect, over time,
of increasing the relative voting power of those holders of Class B Common Stock who retain their shares in the long term. As a result,
it is possible that one or more of the persons or entities holding our Class B Common Stock could gain significant voting control as
other holders of Class B Common Stock sell or otherwise convert their shares into Class A Common Stock.
The
exercise of our outstanding options and warrants will dilute stockholders and could decrease our stock price.
The
exercise of our outstanding options and warrants may adversely affect our stock price due to sales of a large number of shares or the
perception that such sales could occur. These factors also could make it more difficult to raise funds through future offerings of our
securities and could adversely impact the terms under which we could obtain additional equity capital. Exercise of outstanding options
and warrants or any future issuance of additional shares of Class A common stock or other securities, including, but not limited to preferred
stock, options, warrants, restricted stock units or other derivative securities convertible into our Class A common stock, may result
in significant dilution to our stockholders and may decrease our stock price.
We
are currently listed on The Nasdaq Capital Market. If we are unable to maintain listing of our securities on Nasdaq or any stock exchange,
our stock price could be adversely affected and the liquidity of our stock and our ability to obtain financing could be impaired and
it may be more difficult for our stockholders to sell their securities.
Although
our Class A common stock is currently listed on The Nasdaq Capital Market, we may not be able to continue to meet the exchange’s
minimum listing requirements or those of any other national exchange. If we are unable to maintain listing on Nasdaq or if a liquid market
for our Class A common stock does not develop or is sustained, our Class A common stock may remain thinly traded.
The
listing rules of Nasdaq require listing issuers to comply with certain standards in order to remain listed on its exchange. If, for any
reason, we should fail to maintain compliance with these listing standards and Nasdaq should delist our securities from trading on its
exchange and we are unable to obtain listing on another national securities exchange, a reduction in some or all of the following may
occur, each of which could have a material adverse effect on our stockholders:
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the
liquidity of our common stock; |
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the
market price of our common stock; |
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our
ability to obtain financing for the continuation of our operations; |
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the
number of institutional and general investors that will consider investing in our common stock; |
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the
number of investors in general that will consider investing in our common stock; |
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the
number of market makers in our common stock; |
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the
availability of information concerning the trading prices and volume of our common stock; and |
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the
number of broker-dealers willing to execute trades in shares of our common stock. |
DISCLOSURE
REGARDING FORWARD-LOOKING STATEMENTS
This
prospectus and the documents incorporated by reference herein contain forward-looking statements that involve risks and uncertainties.
You should not place undue reliance on these forward-looking statements. All statements other than statements of historical facts contained
in this prospectus and the documents incorporated by reference herein are forward-looking statements. The forward-looking statements
in this prospectus and the documents incorporated by reference herein are only predictions. We have based these forward-looking statements
largely on our current expectations and projections about future events and financial trends that we believe may affect our business,
financial condition, and results of operations. In some cases, you can identify these forward-looking statements by terms such as “anticipate,”
“believe,” “continue,” “could,” “depends,” “estimate,” “expects,”
“intend,” “may,” “ongoing,” “plan,” “potential,” “possible,”
“predict,” “project,” “should,” “will,” “would” or the negative of those
terms or other similar expressions, although not all forward-looking statements contain those words. We have based these forward-looking
statements on our current expectations and projections about future events and trends that we believe may affect our financial condition,
results of operations, strategy, short- and long-term business operations and objectives, and financial needs. These forward-looking
statements include, but are not limited to, statements concerning the following:
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our
projected financial position and estimated cash burn rate; |
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our
estimates regarding expenses, future revenues and capital requirements; |
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our
ability to continue as a going concern; |
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our
need to raise substantial additional capital to fund our operations; |
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our
ability to compete in the global space industry; |
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our
ability to obtain and maintain intellectual property protection for our current products and services; |
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our
ability to protect our intellectual property rights and the potential for us to incur substantial costs from lawsuits to enforce
or protect our intellectual property rights; |
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the
possibility that a third party may claim we have infringed, misappropriated or otherwise violated their intellectual property rights
and that we may incur substantial costs and be required to devote substantial time defending against these claims; |
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our
reliance on third-party suppliers and manufacturers; |
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the
success of competing products or services that are or become available; |
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our
ability to expand our organization to accommodate potential growth and our ability to retain and attract key personnel; and |
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the
potential for us to incur substantial costs resulting from lawsuits against us and the potential for these lawsuits to cause us to
limit our commercialization of our products and services. |
The
foregoing does not represent an exhaustive list of matters that may be covered by the forward-looking statements contained herein or
risk factors that we are faced with that may cause our actual results to differ from those anticipated in our forward-looking statements.
Please see “Risk Factors” contained in this prospectus and in the documents incorporated herein, including our Annual Report
on Form 10-K for the year ended December 31, 2023, for additional risks that could adversely impact our business and financial performance.
Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for
our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or
combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make.
Considering these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this prospectus and
the documents incorporated by reference herein may not occur and actual results could differ materially and adversely from those anticipated
or implied in the forward-looking statements.
You
should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected
in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events
and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, except as required by law, neither
we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. We undertake no obligation
to update publicly any forward-looking statements for any reason after the date of this prospectus to conform these statements to actual
results or to changes in our expectations.
You
should read this prospectus and the documents that we reference in this prospectus and have filed with the SEC as exhibits to the registration
statement of which this prospectus is a part with the understanding that our actual future results, levels of activity, performance and
events and circumstances may be materially different from what we expect.
USE
OF PROCEEDS
We
will not receive any of the proceeds from the sale by the Selling Stockholders of the Shares. Upon any exercise of the Warrants by payment
of cash, however, we will receive the exercise price of the Warrants, which, if exercised in cash with respect to the 1,162,802 Pre-Funded
Warrant Shares and the 3,409,946 Common Warrant Shares, would result in gross proceeds to us of approximately $116 and $7.7 million,
respectively. However, we cannot predict when and in what amounts or if the Warrants will be exercised by payments of cash and it is
possible that the Warrants may expire and never be exercised, in which case we would not receive any cash proceeds.
PRIVATE
PLACEMENT OF SHARES OF CLASS A COMMON STOCK AND/OR PRE-FUNDED WARRANTS AND WARRANTS
On
December 17, 2024, we entered into the Securities Purchase Agreement with each of the Selling Stockholders for the issuance and sale
for the issuance and sale in a private placement (the “Private Placement”) of (i) 5,657,090 shares of the Company’s
Class A common stock, (ii) Pre-Funded Warrants to purchase up to 1,162,802 shares of the Company’s Class A common stock at an exercise
price of $0.0001 per share and (iii) Common Warrants to purchase up to 3,409,946 shares of the Company’s Class A common stock,
at a purchase price of $2.25 per share of Common Stock and accompanying warrants.
The
Common Warrants are exercisable immediately upon issuance at an exercise price of $2.25 per share and have a term of exercise equal to
five and one-half years from the date of issuance. The Pre-Funded Warrants are exercisable immediately and may be exercised at any time
until the Pre-Funded Warrants are exercised in full. A holder of Pre-Funded Warrants or Common Warrants (together with its affiliates)
may not exercise any portion of a warrant to the extent that the holder would own more than 4.99% (or, at the election of the holder
9.99%) of the Company’s outstanding common stock immediately after exercise.
In
connection with the Private Placement, we entered into a registration rights agreement (the “Registration Rights Agreement”),
dated as of December 17, 2024, with each of the Selling Stockholders, pursuant to which we agreed to prepare and file a registration
statement with the Securities and Exchange Commission (the “SEC”) registering the resale of the Shares no later than 10 days
after the date of the Registration Rights Agreement, and to use reasonable best efforts to have the registration statement declared effective
as promptly as practical thereafter, and in any event no later than 45 days following the closing date (or 60 days following the closing
date in the event of a “full review” by the SEC).
SELLING
STOCKHOLDERS
The
Shares being offered by the Selling Stockholders are those previously issued to the Selling Stockholders, and those issuable to the Selling
Stockholders, upon exercise of the Warrants. For additional information regarding the issuances of those securities, see “Private
Placement of Shares of Class A Comm Stock and/or Pre-Funded Warrants and Warrants” above. We are registering the Shares in order
to permit the Selling Stockholders to offer the Shares for resale from time to time. Except for the ownership of the shares of Common
Stock, or as otherwise set forth herein the Selling Stockholders have not had any material relationship with us within the past three
years.
The
table below lists the Selling Stockholders and other information regarding the beneficial ownership of the shares of Class A common stock
by each of the Selling Stockholders. The second column lists the number of shares of Class A common stock beneficially owned by each
Selling Stockholder, based on its ownership of the shares of our Class A common stock as of December 23, 2024, assuming exercise of the
Warrants held by the Selling Stockholders on that date, without regard to any limitations on conversion.
The
third column lists the shares of Class A common stock being offered by this prospectus by the Selling Stockholders.
In
accordance with the terms of a registration rights agreement with the Selling Stockholders, this prospectus generally covers the resale
of the sum of (i) the number of shares of Class A common stock issued to the Selling Stockholders in the “Private Placement of
Shares of Class A Common Stock and/or Pre-Funded Warrants and Warrants” described above and (ii) the maximum number of shares of
Class A common stock issuable upon exercise of the related Pre-Funded Warrants and Warrants, determined as if the outstanding Pre-Funded
Warrants and Warrants were exercised in full as of the trading day immediately preceding the date this registration statement was initially
filed with the SEC, each as of the trading day immediately preceding the applicable date of determination and all subject to adjustment
as provided in the registration right agreement, without regard to any limitations on the exercise of the Warrants. The fourth column
assumes the sale of all of the shares offered by the Selling Stockholders pursuant to this prospectus.
Under
the terms of the Pre-Funded Warrants and Warrants held by Selling Stockholders, a Selling Stockholder may not exercise any such warrants
to the extent such exercise would cause such Selling Stockholder, together with its affiliates and attribution parties, to beneficially
own a number of shares of Class A common stock which would exceed 4.99% or 9.99%, as applicable, of our then outstanding Class A common
stock following such exercise, excluding for purposes of such determination shares of Class A common stock issuable upon exercise of
such warrants which have not been exercised. The number of shares in the second and fourth columns do not reflect this limitation. The
selling shareholders may sell all, some or none of their shares in this offering. See “Plan of Distribution.”
Name and Address | |
Number of shares
of Class A Common Stock Beneficially Owned Prior to Offering | |
|
| |
Maximum Number
of shares of Class A Common Stock to be Sold Pursuant to this Prospectus | | |
Number of shares of Class A
Common Stock Beneficially Owned After Offering | |
Percent of Class A Common Stock
Beneficially Owned After Offering** |
Kurt
Voss(1) | |
| 181,158 | |
|
(1) | |
| 181,158 | | |
- | |
* |
Warberg
WF XII LP(2) | |
| 72,462 | |
|
(2) | |
| 72,462 | | |
- | |
* |
Lind
Global Fund II LP(3) | |
| 724,635 | |
|
(3) | |
| 724,635 | | |
- | |
* |
Empery
Asset Master, LTD(4) | |
| 373,770 | |
|
(4) | |
| 373,770 | | |
- | |
* |
Empery
Tax Efficient, LP(5) | |
| 132,609 | |
|
(5) | |
| 132,609 | | |
- | |
* |
Empery
Tax Efficient III, LP(6) | |
| 218,259 | |
|
(6) | |
| 218,259 | | |
- | |
* |
Alto
Opportunity Master Fund, SPC – Segregated Master Portfolio B(7) | |
| 724,638 | |
|
(7) | |
| 724,638 | | |
- | |
* |
3i
LP(8) | |
| 791,255 | |
|
(8) | |
| 1,594,203 | | |
- | |
* |
CVI
Investments, Inc.(9) | |
| 724,500 | |
|
(9) | |
| 724,500 | | |
- | |
* |
Rexford
Capital LLC(10) | |
| | |
|
(10) | |
| 150,000 | | |
|
Ionic
Ventures, LLC(11) | |
| 375,000 | |
|
(11) | |
| 375,000 | | |
- | |
* |
Donald
R. Kendall, Jr.(12) | |
| | |
|
(12) | |
| 75,000 | | |
|
Robert
M. Niecestro(13) | |
| 37,500 | |
|
(13) | |
| 37,500 | | |
- | |
* |
Tejas
Patel(14) | |
| 37,500 | |
|
(14) | |
| 37,500 | | |
- | |
* |
Class
IV Fund, LP(15) | |
| 362,316 | |
|
(15) | |
| 362,316 | | |
- | |
* |
Jess
Mogul(16) | |
| 362,316 | |
|
(16) | |
| 362,316 | | |
- | |
* |
Sabby
Volatility Warrant Master Fund, Ltd.(17) | |
| 791,255 | |
|
(17) | |
| 900,000 | | |
- | |
* |
Transcend
Partners LLC(18) | |
| 75,000 | |
|
(18) | |
| 75,000 | | |
- | |
* |
Unterberg
Legacy Capital LLC(19) | |
| 75,000 | |
|
(19) | |
| 75,000 | | |
- | |
* |
Leviston
Resources(20) | |
| 75,000 | |
|
(20) | |
| 75,000 | | |
- | |
* |
The
Peter German Revocable Trust dtd 3/29/13(21) | |
| 75,000 | |
|
(21) | |
| 75,000 | | |
- | |
* |
Palm
Street Capital LP(22) | |
| 30,000 | |
|
(22) | |
| 30,000 | | |
- | |
* |
Lincoln
Alternative Strategies LLC(23) | |
| 450,000 | |
|
(23) | |
| 450,000 | | |
- | |
* |
FirstFire
Global Opportunities Fund LLC(24) | |
| 108,693 | |
|
(24) | |
| 108,693 | | |
- | |
* |
David
S. Nagelberg 2003 Revocable Trust Dtd. 07/02/03(25) | |
| 150,000 | |
|
(25) | |
| 150,000 | | |
- | |
* |
S.H.N.
Financial Investments Ltd.(26) | |
| 225,000 | |
|
(26) | |
| 225,000 | | |
- | |
* |
Robert
Forster(27) | |
| 724,635 | |
|
(27) | |
| 724,635 | | |
- | |
* |
Intracoastal
Capital LLC(28) | |
| 181,158 | |
|
(28) | |
| 181,158 | | |
- | |
* |
Ken
Dayton(29) | |
| 108,693 | |
|
(29) | |
| 108,693 | | |
- | |
* |
Joseph
Caldwell(30) | |
| 289,854 | |
|
(30) | |
| 289,854 | | |
- | |
* |
Jonathon
Davis Revocable Trust(31) | |
| 253,623 | |
|
(31) | |
| 253,623 | | |
- | |
* |
Barry
Williamson – Holly Williamson JTWROS(32) | |
| 362,316 | |
|
(32) | |
| 362,316 | | |
- | |
* |
(1) |
The
number of shares beneficially owned prior to the offering includes: (i) 120,772 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus and (ii) 60,386 shares of Class A common stock issuable upon exercise of
Common Warrants purchased in the Private Placement that are being offered pursuant to this
Prospectus. The address of the Selling Stockholder is 1300 Enterprise Drive, De Pere WI 54115.
|
(2) |
The
number of shares beneficially owned prior to the offering includes: (i) 48,308 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus and (ii) 24,254 shares of Class A common stock issuable upon exercise of
Common Warrants purchased in the Private Placement that are being offered pursuant to this
Prospectus. The address of the Selling Stockholder is 716 Oak St., Winnetka, IL 60093. |
|
|
(3) |
The
number of shares beneficially owned prior to the offering includes: (i) 483,090 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus and (ii) 241,545 shares of Class A common stock issuable upon exercise of
Common Warrants purchased in the Private Placement that are being offered pursuant to this
Prospectus. Each of Lind Global Fund II, LP. Lind Global Partners II LLC and Jeff Easton
has sole voting and dispositive power over the shares. The address of the Selling Stockholder
is c/o The Lind Partners, 444 Madison Ave., 41st Floor, New York, NY 10022. |
|
|
(4) |
The
number of shares beneficially owned prior to the offering includes: (i) 249,180 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus and (ii) 124,590 shares of Class A common stock issuable upon exercise of
Common Warrants purchased in the Private Placement that are being offered pursuant to this
Prospectus. Empery Asset Management, LP, the authorized agent of Empery Asset Master Ltd
(“EAM”) has discretionary authority to vote and dispose of the shares held by
EAM and may be deemed to be the beneficial owner of these shares. Martin Hoe and Ryan Lane,
in their capacity as investment managers of Empery Asset Management LP, may also be deemed
to have investment discretion and voting power over the shares held by EAM. EAM, Mr. Hoe
and Mr. Lane each disclaim any beneficial ownership of these shares. The address of EAM is
c/o Empery Asset Management, LP, One Rockefeller Plaza, Suite 1205, New York, NY 10020. |
|
|
(5) |
The
number of shares beneficially owned prior to the offering includes: (i) 88,406 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus and (ii) 44,203 shares of Class A common stock issuable upon exercise of
Common Warrants purchased in the Private Placement that are being offered pursuant to this
Prospectus. Empery Asset Management, LP, the authorized agent of Empery Tax Efficient, LP
(“ETE”) has discretionary authority to vote and dispose of the shares held by
ETE and may be deemed to be the beneficial owner of these shares. Martin Hoe and Ryan Lane,
in their capacity as investment managers of Empery Asset Management LP, may also be deemed
to have investment discretion and voting power over the shares held by ETE. ETE, Mr. Hoe
and Mr. Lane each disclaim any beneficial ownership of these shares. The address of ETE is
c/o Empery Asset Management, LP, One Rockefeller Plaza, Suite 1205, New York, NY 10020. |
(6) |
The
number of shares beneficially owned prior to the offering includes: (i) 145,506 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus and (ii) 72,753 shares of Class A common stock issuable upon exercise of
Common Warrants purchased in the Private Placement that are being offered pursuant to this
Prospectus. Empery Asset Management, LP, the authorized agent of Empery Tax Efficient III,
LP (“ETE III”) has discretionary authority to vote and dispose of the shares
held by ETE III and may be deemed to be the beneficial owner of these shares. Martin Hoe
and Ryan Lane, in their capacity as investment managers of Empery Asset Management LP, may
also be deemed to have investment discretion and voting power over the shares held by ETE
III. ETE III, Mr. Hoe and Mr. Lane each disclaim any beneficial ownership of these shares.
The address of ETE III is c/o Empery Asset Management, LP, One Rockefeller Plaza, Suite 1205,
New York, NY 10020. |
|
|
(7) |
The
number of shares beneficially owned prior to the offering includes: (i) 483,092 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus and (ii) 241,546 shares of Class A common stock issuable upon exercise of
Common Warrants purchased in the Private Placement that are being offered pursuant to this
Prospectus. Ayrton Capital LLC, the investment manager to Alto Opportunity Master Fund, SPC
– Segregated Master Portfolio B (“Alto”), has discretionary authority to
vote and dispose of the shares held by Alto and may be deemed to be the beneficial owner
of these shares. Waqas Khatri, in his capacity as Managing Member of Ayrton Capital LLC,
may also be deemed to have investment discretion and voting power over the shares held by
Alto. Ayrton Capital LLC and Mr. Khatri each disclaim any beneficial ownership of these shares.
The address of Ayrton Capital LLC is 55 Post Rd West, 2nd Floor, Westport, CT 06880. |
|
|
(8) |
The
number of shares beneficially owned prior to the offering includes: (i) 500,000 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus, (ii) 562,802 shares of Class A common stock issuable upon exercise of Pre-Funded
Warrants purchased in the Private Placement that are being offered pursuant to this Prospectus
and (iii) 531,401 shares of Class A common stock issuable upon exercise of Common Warrants
purchased in the Private Placement that are being offered pursuant to this Prospectus. Maier
J. Tarlow is the manager of 3i Management, LLC, the general partner of 3i, LP, and has sole
voting control and investment discretion over securities beneficially owned directly or indirectly
by 3i Management, LLC and 3i, LP. Mr. Tarlow disclaims any beneficial ownership of the securities
beneficially owned directly by 3i, LP and indirectly by 3i Management, LLC, except to the
extent of any pecuniary interest therein. The business address of 3i, LP is 2 Wooster Street,
2nd Floor, New York, NY 10013. |
|
|
(9) |
The
number of shares beneficially owned prior to the offering includes: (i) 483,000 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus and (ii) 241,500 shares of Class A common stock issuable upon exercise of
Common Warrants purchased in the Private Placement that are being offered pursuant to this
Prospectus. Heights Capital Management, Inc., the authorized agent of CVI Investments, Inc.
(“CVI”), has discretionary authority to vote and dispose of the shares held by
CVI and may be deemed to be the beneficial owner of these shares. Martin Kobinger, in his
capacity as President of Heights Capital Management, Inc., may also be deemed to have investment
discretion and voting power over the shares held by CVI. Mr. Kobinger disclaims any such
beneficial ownership of the shares. CVI Investments, Inc.is affiliated with one or more FINRA
member, none of whom are currently expected to participate in the sale pursuant to the prospectus
contained in the Registration Statement of Shares purchased by the CVI in this Private Placement.
The address of CVI is c/o Heights Capital Management, Inc., 101 California St., Suite 3250,
San Francisco, CA 94111. |
|
|
(10) |
The
number of shares beneficially owned prior to the offering includes: (i) 100,000 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus and (ii) 50,000 shares of Class A common stock issuable upon exercise of
Common Warrants purchased in the Private Placement that are being offered pursuant to this
Prospectus. Ray Langston is the Manager of Rexford Capital LLC (“Rexford”) and
has sole voting control and investment discretion over securities beneficially owned directly
or indirectly by Rexford. Mr. Langston disclaims any beneficial ownership of the securities
beneficially owned directly by Rexford, except to the extent of any pecuniary interest therein.
The business address of Rexford is 1680 Michigan Ave., Suite 700, Miami Beach, FL 33139. |
(11) |
The
number of shares beneficially owned prior to the offering includes: (i) 250,000 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus and (ii) 125,000 shares of Class A common stock issuable upon exercise of
Common Warrants purchased in the Private Placement that are being offered pursuant to this
Prospectus. Brendan O’Neil and Keith Coulston, each of whom are managers of Ionic Ventures
LLC (“Ionic”), have shared power to vote and/or dispose of the securities reported
herein that are held by Ionic. As a result, each of Mr. O’Neil and Mr. Coulston may
be deemed to have beneficial ownership of the securities reported herein that are held by
Ionic. The business address of Ionic is 3053 Fillmore St., Suite 256, San Francisco, CA 94123. |
|
|
(12) |
The
number of shares beneficially owned prior to the offering includes: (i) 50,000 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus and (ii) 25,000 shares of Class A common stock issuable upon exercise of
Common Warrants purchased in the Private Placement that are being offered pursuant to this
Prospectus. The address of the Selling Stockholder is 1509 Monarch Oaks St., Houston, TX
77055.
|
(13) |
The
number of shares beneficially owned prior to the offering includes: (i) 25,000 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus and (ii) 12,500 shares of Class A common stock issuable upon exercise of
Common Warrants purchased in the Private Placement that are being offered pursuant to this
Prospectus. The address of the Selling Stockholder is13053 Big Bear Bluff, Boynton Beach,
FL 33473. |
|
|
(14) |
The
number of shares beneficially owned prior to the offering includes: (i) 25,000 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus and (ii) 12,500 shares of Class A common stock issuable upon exercise of
Common Warrants purchased in the Private Placement that are being offered pursuant to this
Prospectus. The address of the Selling Stockholder is 533 Lucerne Ave., Tampa, FL 33606. |
|
|
(15) |
The
number of shares beneficially owned prior to the offering includes: (i) 241,544 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus and (ii) 120,772 shares of Class A common stock issuable upon exercise of
Common Warrants purchased in the Private Placement that are being offered pursuant to this
Prospectus. Bradford Seagraves is the CIO of Class IV Fund, LP (“Class IV”) and
has sole voting control and investment discretion over securities beneficially owned directly
or indirectly by Class IV. Mr. Seagraves disclaims any beneficial ownership of the securities
beneficially owned directly by Class IV, except to the extent of any pecuniary interest therein.
The business address of Class IV is P.O. Box 6811, Ketchum, ID 83340. |
|
|
(16) |
The
number of shares beneficially owned prior to the offering includes: (i) 241,544 shares
of Class A common stock purchased in the Private Placement that are being offered pursuant
to this Prospectus and (ii) 120,772 shares of Class A common stock issuable upon exercise
of Common Warrants purchased in the Private Placement that are being offered pursuant to
this Prospectus. The address of the Selling Stockholder is 60 Front Street, Apt 16A, Brooklyn,
NY 11201. |
|
|
(17) |
The
number of shares beneficially owned prior to the offering includes: (i) 600,000 shares of
Class A common stock issuable upon exercise of Pre-Funded Warrants purchased in the Private
Placement that are being offered pursuant to this Prospectus and (ii) 300,000 shares of Class
A common stock issuable upon exercise of Common Warrants purchased in the Private Placement
that are being offered pursuant to this Prospectus. Sabby Management, LLC is the investment
manager of Sabby Volatility Warrant Master Fund, Ltd. and shares voting and investment power
with respect to these shares in this capacity. As manager of Sabby Management, LLC, Hal Mintz
also shares voting and investment power on behalf of Sabby Volatility Warrant Master Fund,
Ltd. Each of Sabby Management, LLC and Hal Mintz disclaims beneficial ownership over the
securities listed except to the extent of their pecuniary interest therein.
|
(18) |
The
number of shares beneficially owned prior to the offering includes: (i) 50,000 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus and (ii) 25,000 shares of Class A common stock issuable upon exercise of
Common Warrants purchased in the Private Placement that are being offered pursuant to this
Prospectus. Malcolm Fairbairn is the CIO of Transcend Partners LLC (“Transcend”)
and has sole voting control and investment discretion over securities beneficially owned
directly or indirectly by Transcend. Mr. Fairbairn disclaims any beneficial ownership of
the securities beneficially owned directly by Transcend, except to the extent of any pecuniary
interest therein. The business address of Transcend is 3972 Happy Valley Rd., Lafayette,
CA 94549. |
(19) |
The
number of shares beneficially owned prior to the offering includes: (i) 50,000 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus and (ii) 25,000 shares of Class A common stock issuable upon exercise of
Common Warrants purchased in the Private Placement that are being offered pursuant to this
Prospectus. James Satloff is the Managing Member of Unterberg Legacy Capital, LLC (“Unterberg”)
and has sole voting control and investment discretion over securities beneficially owned
directly or indirectly by Unterberg. Mr. Satloff disclaims any beneficial ownership of the
securities beneficially owned directly by Unterberg, except to the extent of any pecuniary
interest therein. The business address of Unterberg is 10 Gracie Square, apt 9E, New York,
NY 10028. |
|
|
(20) |
The
number of shares beneficially owned prior to the offering includes: (i) 50,000 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus and (ii) 25,000 shares of Class A common stock issuable upon exercise of
Common Warrants purchased in the Private Placement that are being offered pursuant to this
Prospectus. Roman Rogol is the CFO of Leviston Resources LLC (“Leviston”) and
has sole voting control and investment discretion over securities beneficially owned directly
or indirectly by Leviston. Mr. Rogol disclaims any beneficial ownership of the securities
beneficially owned directly by Leviston, except to the extent of any pecuniary interest therein.
The business address of Leviston is 1225 Ave. Ponce de Leon, San Juan, PR 00907. |
|
|
(21) |
The
number of shares beneficially owned prior to the offering includes: (i) 50,000 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus and (ii) 25,000 shares of Class A common stock issuable upon exercise of
Common Warrants purchased in the Private Placement that are being offered pursuant to this
Prospectus. Peter German is the Trustee of the Peter German Revocable Trust dtd 3/29/19 (the
“Trust”) and has sole voting control and investment discretion over securities
beneficially owned directly or indirectly by the Trust. Mr. German disclaims any beneficial
ownership of the securities beneficially owned directly by the Trust, except to the extent
of any pecuniary interest therein. The business address of the Trust is 340 W 86th St
#3A, New York, NY 10024. |
|
|
(22) |
The
number of shares beneficially owned prior to the offering includes: (i) 20,000 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus and (ii) 10,000 shares of Class A common stock issuable upon exercise of
Common Warrants purchased in the Private Placement that are being offered pursuant to this
Prospectus. Richard Corbett is the General Partner of Palm Street Capital (“Palm Street”)
and has sole voting control and investment discretion over securities beneficially owned
directly or indirectly by Palm Street. Mr. Corbett disclaims any beneficial ownership of
the securities beneficially owned directly by Palm Street, except to the extent of any pecuniary
interest therein. The business address of Palm Street is 4263 Main St., Manchester, VT 05254. |
|
|
(23) |
The
number of shares beneficially owned prior to the offering includes: (i) 300,000 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus and (ii) 150,000 shares of Class A common stock issuable upon exercise of
Common Warrants purchased in the Private Placement that are being offered pursuant to this
Prospectus. Stephen Temes is the Managing Member of Lincoln Alternative Strategies (“Lincoln”)
and has sole voting control and investment discretion over securities beneficially owned
directly or indirectly by Lincoln. Mr. Temes disclaims any beneficial ownership of the securities
beneficially owned directly by Lincoln, except to the extent of any pecuniary interest therein.
The business address of Lincoln is 901 Pennsylvania Ave., ste 3-496, Miami Beach, FL 33139. |
|
|
(24) |
The
number of shares beneficially owned prior to the offering includes: (i) 72,462 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus and (ii) 36,231 shares of Class A common stock issuable upon exercise of
Common Warrants purchased in the Private Placement that are being offered pursuant to this
Prospectus. Eli Fireman is the Managing Member of FirstFire Global Opportunities Fund, LLC
(“FirstFire”) and has sole voting control and investment discretion over securities
beneficially owned directly or indirectly by FirstFire. Mr. Fireman disclaims any beneficial
ownership of the securities beneficially owned directly by FirstFire, except to the extent
of any pecuniary interest therein. The business address of FirstFire is 1040 1st Ave.,
Suite 190, New York, NY 10022.
|
(25) |
The
number of shares beneficially owned prior to the offering includes: (i) 100,000 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus and (ii) 50,000 shares of Class A common stock issuable upon exercise of
Common Warrants purchased in the Private Placement that are being offered pursuant to this
Prospectus. David Nagelberg is the Trustee of the David S. Nagelberg 2003 Revocable Trust
Dtd. 07/02/03 (the “Nagelberg Trust”) and has sole voting control and investment
discretion over securities beneficially owned directly or indirectly by the Nagelberg Trust.
Mr. Nagelberg disclaims any beneficial ownership of the securities beneficially owned directly
by the Nagelberg Trust, except to the extent of any pecuniary interest therein. The business
address of the Nagelberg Trust is 132 Lakeshore Drive, Apt. 1118, North Palm Beach, FL 33408.
|
|
|
(26) |
The
number of shares beneficially owned prior to the offering includes: (i) 150,000 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus and (ii) 75,000 shares of Class A common stock issuable upon exercise of
Common Warrants purchased in the Private Placement that are being offered pursuant to this
Prospectus. Nir Shamir and Hadar Shamir have shared power to vote and dispose of the securities
held by S.H.N Financial Investments Ltd (“S.H.N.”) and may be deemed to be the
beneficial owners of such shares of common stock. The business address of S.H.N is Arik Einstein
3, Herzliya, Israel.
|
|
|
(27) |
The
number of shares beneficially owned prior to the offering includes: (i) 483,090 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus and (ii) 241,545 shares of Class A common stock issuable upon exercise of
Common Warrants purchased in the Private Placement that are being offered pursuant to this
Prospectus. The address of the Selling Stockholder is 54 Deepdale Drive, Great Neck, NY 11021.
|
|
|
(28) |
The
number of shares beneficially owned prior to the offering includes: (i) 120,772 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus and (ii) 60,386 shares of Class A common stock issuable upon exercise of
Common Warrants purchased in the Private Placement that are being pursuant to this Prospectus.
Mitchell P. Kopin and Daniel B. Asher, each of whom is a manager of Intracoastal Capital
LLC, have shared voting control and investment discretion over the securities reported herein
that are held by Intracoastal Capital LLC (“Intracoastal”). As a result, each
of Mr. Kopin and Mr. Asher may be deemed to have beneficial ownership of the securities reported
herein that are held by Intracoastal. Mr. Kopin and Mr. Asher disclaim beneficial ownership
of the securities except to the extent of their respective pecuniary interests therein. The
address for Intracoastal is 245 Palm Trail, Delray Beach, FL 33483.
|
|
|
(29) |
The
number of shares beneficially owned prior to the offering includes: (i) 72,462 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus and (ii) 36,231 shares of Class A common stock issuable upon exercise of
Common Warrants purchased in the Private Placement that are being offered pursuant to this
Prospectus. The address for the Selling Stockholder is 355 Lake Street, Wayzata, MN 55391.
|
|
|
(30) |
The
number of shares beneficially owned prior to the offering includes: (i) 193,236 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus and (ii) 96,618 shares of Class A common stock issuable upon exercise of
Common Warrants purchased in the Private Placement that are being offered pursuant to this
Prospectus. The address of the Selling Stockholder is 111 Piazza Vetta Drive, Austin, TX
78734.
|
|
|
(31) |
The
number of shares beneficially owned prior to the offering includes: (i) 169,082 shares of
Class A common stock purchased in the Private Placement that are being offered pursuant to
this Prospectus and (ii) 84,541 shares of Class A common stock issuable upon exercise of
Common Warrants purchased in the Private Placement that are being offered pursuant to this
Prospectus. Jonathon Davis is the Manager of Jonathon Davis Revocable Trust (the “Davis
Trust”) and has sole voting control and investment discretion over securities beneficially
owned directly or indirectly by the Davis Trust. Mr. Davis disclaims any beneficial ownership
of the securities beneficially owned directly by the Davis Trust, except to the extent of
any pecuniary interest therein. The business address of the Davis Trust is 2750 Gale Road,
Wayzata, MN 55391.
|
|
|
(32) |
The
number of shares beneficially owned prior to the offering includes: (i) 241,644 shares of Class A common stock purchased in the Private
Placement that are being offered pursuant to this Prospectus and (ii) 120,772 shares of Class A common stock issuable upon exercise
of Common Warrants purchased in the Private Placement that are being offered pursuant to this Prospectus. Barry Williamson and Holly
Williamson have sole voting control and investment discretion over securities beneficially owned directly or indirectly by the Selling
Stockholder. The business address of the Selling Stockholder is 702 Crystal Creek Drive, Austin, TX 78746. |
DESCRIPTION
OF SECURITIES BEING OFFERED
The
following description is a summary of some of the terms of our securities, our organizational documents and Delaware law. The descriptions
in this prospectus of our securities and our organizational documents do not purport to be complete and are subject to, and qualified
in their entirety by reference to, our organizational documents, copies of which have been or will be filed or incorporated by reference
as exhibits to the registration statement of which this prospectus form a part.
Class
A Common Stock
We
are authorized to issue up to a total of 200,000,000 shares of Class A common stock, par value $0.0001 per share. Holders of our Class
A common stock are entitled to one vote for each share held on all matters submitted to a vote of our stockholders. Holders of our Class
A common stock have no cumulative voting rights. All shares of Class A common stock offered hereby will, when issued, be fully paid and
nonassessable, including shares of Class A common stock issued upon the exercise of Class A common stock warrants or subscription rights,
if any.
Further,
holders of our Class A common stock have no preemptive or conversion rights or other subscription rights. Upon our liquidation, dissolution
or winding-up, holders of our Class A common stock are entitled to share in all assets remaining after payment of all liabilities and
the liquidation preferences of any of our outstanding shares of preferred stock. Subject to preferences that may be applicable to any
outstanding shares of preferred stock, holders of our Class A common stock are entitled to receive dividends, if any, as may be declared
from time to time by our Board of Directors out of our assets which are legally available.
The
holders of a majority of the shares of our capital stock, represented in person or by proxy, are necessary to constitute a quorum for
the transaction of business at any meeting. If a quorum is present, an action by stockholders entitled to vote on a matter is approved
if the number of votes cast in favor of the action exceeds the number of votes cast in opposition to the action, with the exception of
the election of directors, which requires a plurality of the votes cast.
PLAN
OF DISTRIBUTION
Each
Selling Stockholder of the securities and any of their pledgees, assignees and successors-in-interest may, from time to time, sell any
or all of their securities covered hereby on the principal Trading Market or any other stock exchange, market or trading facility on
which the securities are traded or in private transactions. These sales may be at fixed or negotiated prices. A Selling Stockholder may
use any one or more of the following methods when selling securities:
|
● |
ordinary
brokerage transactions and transactions in which the broker-dealer solicits purchasers; |
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● |
block
trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block as
principal to facilitate the transaction; |
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|
● |
purchases
by a broker-dealer as principal and resale by the broker-dealer for its account; |
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● |
an
exchange distribution in accordance with the rules of the applicable exchange; |
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● |
privately
negotiated transactions; |
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● |
settlement
of short sales; |
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● |
in
transactions through broker-dealers that agree with the Selling Stockholders to sell a specified number of such securities at a stipulated
price per security; |
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● |
through
the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise; |
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● |
a
combination of any such methods of sale; or |
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any
other method permitted pursuant to applicable law. |
The
Selling Stockholders may also sell securities under Rule 144 or any other exemption from registration under the Securities Act of 1933,
as amended (the “Securities Act”), if available, rather than under this prospectus.
Broker-dealers
engaged by the Selling Stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the Selling Stockholders (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser)
in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency transaction not in
excess of a customary brokerage commission in compliance with FINRA Rule 2121; and in the case of a principal transaction a markup or
markdown in compliance with FINRA IM-2121.
In
connection with the sale of the securities or interests therein, the Selling Stockholders may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions they
assume. The Selling Stockholders may also sell securities short and deliver these securities to close out their short positions, or loan
or pledge the securities to broker-dealers that in turn may sell these securities. The Selling Stockholders may also enter into option
or other transactions with broker-dealers or other financial institutions or create one or more derivative securities which require the
delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer
or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).
The
Selling Stockholders and any broker-dealers or agents that are involved in selling the securities may be deemed to be “underwriters”
within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers
or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts
under the Securities Act. Each Selling Stockholder has informed the Company that it does not have any written or oral agreement or understanding,
directly or indirectly, with any person to distribute the securities.
The
Company is required to pay certain fees and expenses incurred by the Company incident to the registration of the securities. The Company
has agreed to indemnify the Selling Stockholders against certain losses, claims, damages and liabilities, including liabilities under
the Securities Act. The Company shall not be responsible for any of the Selling Stockholders’ selling costs incurred pursuant to
any available method provided hereunder for selling securities.
We
agreed to keep this prospectus effective until the earlier of (i) the date on which the securities may be resold by the Selling Stockholders
without registration and without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for
the Company to be in compliance with the current public information under Rule 144 under the Securities Act or any other rule of similar
effect or (ii) all of the securities have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule
of similar effect. The resale securities will be sold only through registered or licensed brokers or dealers if required under applicable
state securities laws. In addition, in certain states, the resale securities covered hereby may not be sold unless they have been registered
or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is
complied with.
Under
applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously
engage in market making activities with respect to the common stock for the applicable restricted period, as defined in Regulation M,
prior to the commencement of the distribution. In addition, the Selling Stockholders will be subject to applicable provisions of the
Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of the
common stock by the Selling Stockholders or any other person. We will make copies of this prospectus available to the Selling Stockholders
and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including
by compliance with Rule 172 under the Securities Act).
LEGAL
MATTERS
The
validity of the issuance of the securities offered hereby will be passed upon for us by Sheppard, Mullin, Richter & Hampton LLP,
New York, NY. Additional legal matters may be passed upon for us or any underwriters, dealers or agents, by counsel that we will name
in the applicable prospectus supplement.
EXPERTS
The
financial statements of Sidus Space, Inc. as of December 31, 2023 and 2022 and for each of the years then ended incorporated by reference
in this Registration Statement, of which this prospectus forms a part, have been so included in reliance on the report of Fruci &
Associates II, PLLC, an independent registered public accounting firm, appearing elsewhere herein, given on the authority of said firm
as experts in auditing and accounting.
WHERE
YOU CAN FIND MORE INFORMATION
This
prospectus is part of a registration statement we filed with the SEC. This prospectus does not contain all of the information set forth
in the registration statement and the exhibits to the registration statement. For further information with respect to us and the securities
we are offering under this prospectus, we refer you to the registration statement and the exhibits and schedules filed as a part of the
registration statement. You should rely only on the information contained in this prospectus or incorporated by reference into this prospectus.
We have not authorized anyone else to provide you with different information. We are not making an offer of these securities in any jurisdiction
where the offer is not permitted. You should assume that the information contained in this prospectus, or any document incorporated by
reference in this prospectus, is accurate only as of the date of those respective documents, regardless of the time of delivery of this
prospectus or any sale of our securities.
We
file annual, quarterly and current reports, proxy statements and other information with the SEC. Our SEC filings are available to the
public from commercial document retrieval services and over the Internet at the SEC’s website at http://www.sec.gov.
We
maintain a website at www.sidusspace.com. You may access our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports
on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act with the SEC free
of charge at our website as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC.
The information contained in, or that can be accessed through, our website is not incorporated by reference into, and is not part of,
this prospectus.
INCORPORATION
OF DOCUMENTS BY REFERENCE
This
prospectus is part of the registration statement, but the registration statement includes and incorporates by reference additional information
and exhibits. The SEC permits us to “incorporate by reference” the information contained in documents we file with the SEC,
which means that we can disclose important information to you by referring you to those documents rather than by including them in this
prospectus. Information that is incorporated by reference is considered to be part of this prospectus and you should read it with the
same care that you read this prospectus. Information that we file later with the SEC will automatically update and supersede the information
that is either contained, or incorporated by reference, in this prospectus, and will be considered to be a part of this prospectus from
the date those documents are filed. We have filed with the SEC, and incorporate by reference in this prospectus:
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our
Annual Report on Form 10-K for the
year ended December 31, 2023 filed with the SEC on March 27, 2024; |
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our
Annual Report on Form 10-K/A for the
year ended December 31, 2023 filed with the SEC on October 11, 2024; |
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our
Quarterly Report on Form 10-Q for the
quarter ended March 31, 2024 filed with the SEC on May 20, 2024; |
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our
Quarterly Report on Form 10-Q for the
quarter ended June 30, 2024 filed with the SEC on August 19, 2024; |
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our
Quarterly Report on Form 10-Q for the
quarter ended September 30, 2024 filed with the SEC on November 14, 2024; |
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Our
Current Reports on Form 8-K filed with the SEC on January
10, 2024, January 24, 2024, February
1, 2024, February 8, 2024, March
5, 2024, May 8, 2024, June
25, 2024, September 3, 2024, November 12, 2024 and December 19, 2024; |
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our
definitive Proxy Statement on Schedule 14A
for our 2023 Annual Meeting of Stockholders, filed with the SEC on April 30, 2024; and |
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The
description of our Class A common stock contained in our Registration Statement on Form
8-A12b filed with the SEC on December 10, 2021, and any amendments or reports filed updating such description. |
Notwithstanding
the statements in the preceding paragraphs, no document, report or exhibit (or portion of any of the foregoing) or any other information
that we have “furnished” to the SEC pursuant to the Securities Exchange Act of 1934, as amended shall be incorporated by
reference into this prospectus.
We
will furnish without charge to you, on written or oral request, a copy of any or all of the documents incorporated by reference in this
prospectus, including exhibits to these documents. You should direct any requests for documents to:
Sidus
Space, Inc.
150
N. Sykes Creek Parkway, Suite 200
Merritt
Island, FL 32963
Phone:
(321) 450-5633
You
also may access these filings on our website at http://www.sidusspace.com. We do not incorporate the information on our website into
this prospectus or any supplement to this prospectus and you should not consider any information on, or that can be accessed through,
our website as part of this prospectus or any supplement to this prospectus (other than those filings with the SEC that we specifically
incorporate by reference into this prospectus or any supplement to this prospectus).
Any
statement contained in a document incorporated or deemed to be incorporated by reference in this prospectus will be deemed modified,
superseded or replaced for purposes of this prospectus to the extent that a statement contained in this prospectus modifies, supersedes
or replaces such statement. Any statement contained herein or in any document incorporated or deemed to be incorporated by reference
shall be deemed to be modified or superseded for purposes of the registration statement of which this prospectus forms a part to the
extent that a statement contained in any other subsequently filed document which also is or is deemed to be incorporated by reference
modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed to constitute a part of the registration
statement of which this prospectus forms a part, except as so modified or superseded.
PART
II
INFORMATION
NOT REQUIRED IN PROSPECTUS
Item
14. Other Expenses of Issuance and Distribution.
The
following table sets forth an estimate of the fees and expenses relating to the issuance and distribution of the securities being registered
hereby, other than underwriting discounts and commissions, all of which shall be borne by the registrant.
All
of such fees and expenses are estimated:
| |
Amount | |
SEC registration fee | |
$ | 7,091 | |
Accounting fees and expenses | |
| 10,000 | |
Legal fees and expenses | |
| 25,000 | |
Miscellaneous fees and expenses | |
| 2,909 | |
Total expenses | |
$ | 45,000 | |
* |
These
fees and expenses depend on the securities offered and the number of issuances and accordingly cannot be estimated at this time. |
Item
15. Indemnification of Directors and Officers.
Section
102 of the DGCL permits a corporation to eliminate the personal liability of directors of a corporation to the corporation or its stockholders
for monetary damages for a breach of fiduciary duty as a director, except where the director breached his duty of loyalty, failed to
act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend or approved a
stock repurchase in violation of Delaware corporate law or obtained an improper personal benefit. Our Certificate of Incorporation provides
that no director of the Company shall be personally liable to it or its stockholders for monetary damages for any breach of fiduciary
duty as a director, notwithstanding any provision of law imposing such liability, except to the extent that the DGCL prohibits the elimination
or limitation of liability of directors for breaches of fiduciary duty.
Section
145 of the DGCL provides that a corporation has the power to indemnify a director, officer, employee, or agent of the corporation, or
a person serving at the request of the corporation for another corporation, partnership, joint venture, trust or other enterprise in
related capacities against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred by the person in connection with an action, suit or proceeding to which he was or is a party or is threatened to be made a party
to any threatened, ending or completed action, suit or proceeding by reason of such position, if such person acted in good faith and
in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, in any criminal action or proceeding,
had no reasonable cause to believe his conduct was unlawful, except that, in the case of actions brought by or in the right of the corporation,
no indemnification shall be made with respect to any claim, issue or matter as to which such person shall have been adjudged to be liable
to the corporation unless and only to the extent that the Court of Chancery or other adjudicating court determines that, despite the
adjudication of liability but in view of all of the circumstances of the case, such person is fairly and reasonably entitled to indemnity
for such expenses which the Court of Chancery or such other court shall deem proper.
Our
Certificate of Incorporation and Bylaws provide indemnification for our directors and officers to the fullest extent permitted by the
DGCL. We will indemnify each person who was or is a party or threatened to be made a party to any threatened, pending or completed action,
suit or proceeding (other than an action by or in the right of us) by reason of the fact that he or she is or was, or has agreed to become,
a director or officer, or is or was serving, or has agreed to serve, at our request as a director, officer, partner, employee or trustee
of, or in a similar capacity with, another corporation, partnership, joint venture, trust or other enterprise (all such persons being
referred to as an “Indemnitee”), or by reason of any action alleged to have been taken or omitted in such capacity, against
all expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in connection
with such action, suit or proceeding and any appeal therefrom, if such Indemnitee acted in good faith and in a manner he or she reasonably
believed to be in, or not opposed to, our best interests, and, with respect to any criminal action or proceeding, he or she had no reasonable
cause to believe his or her conduct was unlawful. Our Certificate of Incorporation and Bylaws provide that we will indemnify any Indemnitee
who was or is a party to an action or suit by or in the right of us to procure a judgment in our favor by reason of the fact that the
Indemnitee is or was, or has agreed to become, a director or officer, or is or was serving, or has agreed to serve, at our request as
a director or officer of another corporation, partnership, joint venture, trust or other enterprise, or who was an employee or agent
of a predecessor corporation or another enterprise at the request of such predecessor corporation, against all expenses (including attorneys’
fees) and, to the extent permitted by law, amounts paid in settlement actually and reasonably incurred in connection with such action,
suit or proceeding, except that no indemnification shall be made with respect to any claim, issue or matter as to which such person shall
have been adjudged to be liable to us, unless a court determines that, despite such adjudication but in view of all of the circumstances,
he or she is entitled to indemnification of such expenses. Expenses must be advanced to an Indemnitee under certain circumstances.
We
have entered into separate indemnification agreements with each of our directors and executive officers. Each indemnification agreement
provides, among other things, for indemnification to the fullest extent permitted by law and our Certificate of Incorporation and Bylaws
against any and all expenses, judgments, fines, penalties and amounts paid in settlement of any claim. The indemnification agreements
provide for the advancement or payment of all expenses to the indemnitee and for the reimbursement to us if it is found that such indemnitee
is not entitled to such indemnification.
We
maintain a general liability insurance policy that covers certain liabilities of directors and officers of our corporation arising out
of claims based on acts or omissions in their capacities as directors or officers.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons
pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against
public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person
of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the Company will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
Item
16. Exhibits.
Exhibit
No. |
|
Title
of Document |
1.1 |
|
Placement Agent Agreement (incorporated by reference to Exhibit 1.1 to Current Report on Form 8-K filed with the SEC on December 19, 2024). |
3.1 |
|
Amended
and Restated Certificate of Incorporation, as amended (incorporated by reference to Exhibit 3.1 to Amendment No. 1 to Form S-1 filed
with the SEC on December 3, 2021) |
3.2 |
|
Certificate
of Amendment of Amended and Restated Certificate of Incorporation dated August 24, 2021 (incorporated by reference to Exhibit 3.2
to Amendment No. 1 to Form S-1 filed with the SEC on December 3, 2021) |
3.3 |
|
Certificate
of Amendment of Amended and Restated Certificate of Incorporation dated December 16, 2021(incorporated by reference to Exhibit 3.3
to Form 10-K filed with the SEC on April 5, 2022) |
3.4 |
|
Amended
and Restated Bylaws (incorporated by reference to Exhibit 3.4 to Form 10-K filed with the SEC on April 5, 2022) |
3.5 |
|
Certificate
of Amendment to Amended and Restated Certificate of Incorporation of Sidus Space, Inc. (incorporated by reference to Exhibit 3.1
to Current Report on Form 8-K filed with the SEC on July 5, 2023) |
3.6 |
|
Amendment No. 1 to Amended and Restated Bylaws of Sidus Space, Inc. (incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K filed with the SEC on October 2, 2023) |
3.7 |
|
Certificate
of Designations of Preferences and Rights of Series A Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to Current
Report on Form 8-K filed with the SEC on October 13, 2023) |
3.8 |
|
Amendment No. 2 to Amended and Restated Bylaws of Sidus Space, Inc. (incorporated by reference to Exhibit 3.2 to Current Report on Form 8-K filed with the SEC on October 13, 2023) |
3.9 |
|
Certificate
of Amendment to Amended and Restated Certificate of Incorporation of Sidus Space, Inc. (incorporated by reference to Exhibit 3.1
to Current Report on Form 8-K filed with the SEC on December 19, 2023). |
4.1 |
|
Form
of Representative’s Warrant (incorporated by reference to Exhibit 4.1 to Registration Statement on Form S-1 filed with the
SEC on January 13, 2023) |
4.2 |
|
Form
of Pre-Funded Warrant (incorporated by reference to Exhibit 4.2 to Registration Statement on Form S-1 filed with the SEC on January
13, 2023) |
4.3 |
|
Form
of Warrant (incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed with the SEC on October 13, 2023) |
4.4 |
|
Form of Placement Agent Warrant (incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed with the SEC on October 13, 2023) |
4.5 |
|
Form of Common Warrant (incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed with the SEC on December 19, 2024). |
4.6 |
|
Form of Pre-Funded Warrant (incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed with the SEC on December 19, 2024). |
4.7 |
|
Form of Placement Agent Warrant (incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed with the SEC on December 19, 2024). |
5.1* |
|
Opinion of Sheppard, Mullin, Richter & Hampton LLP |
10.1 |
|
Sidus
Space, Inc. 2021 Omnibus Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to Form 10-K filed with the SEC on April
5, 2022) |
10.2 |
|
Revenue
Loan and Security Agreement dated December 1, 2021 by and among Sidus Space, Inc., Carol Craig and Decathlon Alpha IV, L.P. (incorporated
by reference to Exhibit 10.2 to Amendment No. 1 to Form S-1 filed with the SEC on December 3, 2021) |
10.3 |
|
Loan
Assignment and Assumption Agreement dated December 1, 2021 by and between Decathlon Alpha IV, L.P., Craig Technical Consulting, Inc.
and Sidus Space, Inc. (incorporated by reference to Exhibit 10.3 to Amendment No. 1 to Form S-1 filed with the SEC on December 3,
2021) |
10.4 |
|
Form
of Indemnification Agreement for Directors and Officers (incorporated by reference to Exhibit 10.5 to Amendment No. 1 to Form S-1
filed with the SEC on December 3, 2021) |
10.5 |
|
Lease
Agreement dated as of November 29, 2016 between 400 W. Central LLC and Craig Technologies Properties, LLC (assigned to Sidus Space,
Inc.) (incorporated by reference to Exhibit 10.6 to Amendment No. 1 to Form S-1 filed with the SEC on December 3, 2021) |
10.6 |
|
Lease
Agreement dated as of May 21, 2021 between 400 W. Central LLC and Sidus Space, Inc. (incorporated by reference to Exhibit 10.7 to
Amendment No. 1 to Form S-1 filed with the SEC on December 3, 2021). |
10.7 |
|
Commercial
Sublease Agreement dated August 1, 2021 by and between Sykes Creek Limited Partnership, Craig Technical Consulting, Inc. and Sidus
Space, Inc. (incorporated by reference to Exhibit 10.8 to Amendment No. 1 to Form S-1 filed with the SEC on December 3, 2021) |
10.8# |
|
NASA
Contract Award dated November 5, 2018 (incorporated by reference to Exhibit 10.9 to Amendment No. 1 to Form S-1 filed with the SEC
on December 3, 2021) |
10.9 |
|
Employment
Agreement between Sidus Space, Inc. and Carol Craig dated December 16, 2021 (incorporated by reference to Exhibit 10.10 to Form 10-K
filed with the SEC on April 5, 2022) |
10.10 |
|
Consulting
Agreement between Sidus Space, Inc. and EverAsia Financial Group, Inc. dated August 21, 2021 (incorporated by reference to Exhibit
10.11 to Amendment No. 1 to Form S-1 filed with the SEC on December 3, 2021) |
10.11 |
|
Common
Stock Purchase Agreement, dated as of August 10, 2022, by and between Sidus Space, Inc. and B. Riley Principal Capital II, LLC (incorporated
by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on August 11, 2022) |
10.12 |
|
Registration
Rights Agreement, dated as of August 10, 2022, by and between Sidus Space, Inc. and B. Riley Principal Capital II, LLC (incorporated
by reference to Exhibit 10.2 to the Current Report on Form 8-K filed on August 11, 2022) |
10.13 |
|
Debt
Forgiveness Agreement (incorporated by reference to Exhibit 10.1 to Form 8-K filed with the SEC on June 9, 2022) |
10.14 |
|
Asset
Conveyance Agreement entered as of August 18, 2023, by and among Sidus Space, Inc., Exo-Space Inc. and the equityholders of Exo-Space
(incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed with the SEC on August 22, 2023) |
10.15 |
|
Form
of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed with the SEC on October
13, 2023) |
10.16 |
|
Form
of Registration Rights Agreement (incorporated by reference to Exhibit 10.2 to Current Report on Form 8-K filed with the SEC on October
13, 2023) |
10.17 |
|
First
Amendment to Revenue Loan and Security Agreement dated November 16, 2023 (incorporated by reference to Exhibit 10.1 to Current Report
on Form 8-K filed with the SEC on December 6, 2023). |
10.18 |
|
Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed with the SEC on December 19, 2024). |
10.19 |
|
Form of Registration Rights Agreement (incorporated by reference to Exhibit 10.2 to Current Report on Form 8-K filed with the SEC on December 19, 2024). |
21.1 |
|
List
of Subsidiaries (incorporated by reference to Exhibit 21.1 to Amendment No. 1 to Form S-1 filed with the SEC on December 3, 2021) |
23.1* |
|
Consent of Fruci & Associates II, PLLC. |
23.2* |
|
Consent of Sheppard, Mullin, Richter & Hampton LLP (included in Exhibit 5.1) |
24 |
|
Power of Attorney (included on signature page hereto). |
107* |
|
Filing Fee Table |
#
Pursuant to Item 601(b)(10) of Regulation S-K, certain confidential portions of this exhibit were omitted by means of marking such portions
with an asterisk because the identified confidential portions (i) are not material and (ii) would be competitively harmful if publicly
disclosed.
Item
17. Undertakings.
(a)
The undersigned registrant hereby undertakes:
(1)
to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)
to include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii)
to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration
Fee” table in the effective registration statement; and
(iii)
to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or
any material change to such information in the registration statement;
provided,
however, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section
13 or Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement, or is contained in a form of
prospectus filed pursuant to Rule 424(b) that is part of the registration statement;
(2)
that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof;
(3)
to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering;
(4)
That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:
(i)
Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the
date the filed prospectus was deemed part of and included in the registration statement; and
(ii)
Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on
Rule 430B relating to an offering made pursuant to Rule 415(a)(l)(i), (vii), or (x) for the purpose of providing the information required
by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of
the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering
described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter,
such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement
to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof; provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of
the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify
any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such
document immediately prior to such effective date;
(5)
That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution
of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant
to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities
are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to
the purchaser and will be considered to offer or sell such securities to such purchaser:
(i)
Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule
424;
(ii)
Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by
the undersigned registrant;
(iii)
The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and
(iv)
Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
(6)
That, for purposes of determining any liability under the Securities Act, each filing of the registrant’s annual report pursuant
to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual
report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.
(7)
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of
the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication
of such issue.
(8)
To file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of Section 310 of the
Trust Indenture Act of 1939 in accordance with the rules and regulations prescribed by the Securities and Exchange Commission under Section
305(b)(2) of the Trust Indenture Act of 1939.
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this Registration Statement on Form S-3
to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Merritt Island, State of Florida, on the 23rd
day of December 2024.
|
SIDUS
SPACE, INC. |
|
|
|
By: |
/s/
Carol Craig |
|
|
Carol
Craig |
|
|
Chief
Executive Officer and Chairwoman |
POWER
OF ATTORNEY
We,
the undersigned officers and directors of Sidus Space, Inc., hereby severally constitute and appoint Carol Craig, our true and lawful
attorney-in-fact and agent, with full power of substitution and resubstitution, for us and in our stead, in any and all capacities, to
sign any and all amendments (including post-effective amendments) to this Registration Statement and all documents relating thereto,
and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission,
granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing necessary or advisable
to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming
all that said attorney-in-fact and agent or his substitute or substitutes, may lawfully do or cause to be done by virtue thereof.
WITNESS
our hands and common seal on the dates set forth below.
Pursuant
to the requirements of the Securities Act of 1933, as amended, this Registration Statement on Form S-3 has been signed by the following
persons in the capacities and on the dates indicated below.
Signature |
|
Title |
|
Date |
|
|
|
|
|
/s/
Carol Craig |
|
Chief
Executive Officer & Chairwomen |
|
December
23, 2024 |
Carol
Craig |
|
(Principal
Executive Officer) |
|
|
|
|
|
|
|
/s/
Bill White |
|
Chief
Financial Officer |
|
December
23, 2024 |
Bill
White |
|
(Principal
Financial and Accounting Officer) |
|
|
|
|
|
|
|
/s/Dana
Kilborne |
|
Director |
|
December
23, 2024 |
Dana
Kilborne |
|
|
|
|
|
|
|
|
|
/s/
Cole Oliver |
|
Director |
|
December
23, 2024 |
Cole
Oliver |
|
|
|
|
|
|
|
|
|
/s/
Leonardo Riera |
|
Director |
|
December
23, 2024 |
Leonardo
Riera |
|
|
|
|
|
|
|
|
|
/s/
Richard Berman |
|
Director
|
|
December
23, 2024 |
Richard
Berman |
|
|
|
|
|
|
|
|
|
/s/
Jeffrey Shuman |
|
Director |
|
December
23, 2024 |
Jeffrey
Shuman |
|
|
|
|
|
|
|
|
|
/s/ Lavanson C. “LC” Coffey III |
|
Director |
|
December
23, 2024 |
Lavanson
C. “LC” Coffey III |
|
|
|
|
Exhibit
5.1
|
Sheppard,
Mullin, Richter & Hampton LLP
30
Rockefeller Plaza
New
York, New York 10112-0015
212.653.8700
main
212.653.8701
fax
www.sheppardmullin.com |
December
23, 2024
VIA
EDGAR
Sidus
Space, Inc.
150
N. Sykes Creek Parkway, Suite 200
Merritt
Island, FL 32953
Re:
Registration Statement on Form S-3
Ladies
and Gentlemen:
We
have acted as counsel to Sidus Space, Inc., a Delaware corporation (the “Company”), in connection with the issuance
of this opinion that relates to a Registration Statement on Form S-3 (the “Registration Statement”) filed by the Company
with the United States Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended
(the “Securities Act”). The Registration Statement covers the resale, by the selling stockholders listed therein,
from time to time pursuant to Rule 415 under the Securities Act as set forth in the Registration Statement, of an aggregate of 10,229,838
shares of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”), which consist
of (i) 5,657,090 shares (the “Shares”) of Common Stock issued pursuant to a securities purchase agreement entered
into by and between us and each of the Selling Stockholders dated December 17, 2024 (the “Purchase Agreement”); (ii)
1,162,802 shares of Common Stock (the “Pre-Funded Warrant Shares”) issuable upon exercise of pre-funded warrants issued
to certain of the Selling Stockholders pursuant to the Purchase Agreement (the “Pre-Funded Warrants”); and (iii) 3,409,946
shares of Common Stock (the “Common Warrant Shares” and together with the Pre-Funded Warrant Shares, the “Warrant
Shares”) issuable upon exercise of warrants to purchase shares of Common Stock (the “Common Warrants” and
together with the Pre-Funded Warrants, the “Warrants”) issued to the Selling Stockholders pursuant to the Purchase
Agreement.
This
opinion letter is being delivered in accordance with the requirements of Item 601(b)(5)(i) of Regulation S-K under the Securities Act,
and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement.
In
connection with the issuance of this opinion letter, we have examined originals or copies, certified or otherwise identified to our satisfaction,
of such records of the Company and such agreements, certificates and receipts of public officials, certificates of officers or other
representatives of the Company and others, and such other documents as we have deemed necessary or appropriate as a basis for the opinions
stated below. As to any facts relevant to the opinions stated herein that we did not independently establish or verify, we have relied
upon statements and representations of officers and other representatives of the Company and of public officials.
In
our examination, we have assumed (a) the genuineness of all signatures, including endorsements, (b) the legal capacity and competency
of all natural persons, (c) the authenticity of all documents submitted to us as originals, (d) the conformity to original documents
of all documents submitted to us as facsimile, electronic, certified or photostatic copies, and the authenticity of the originals of
such copies; and (e) the accuracy, completeness and authenticity of certificates of public officials.
Based
upon the foregoing and subject to the qualifications and assumptions stated herein, we are of the opinion that:
1.
The Shares have been duly authorized by all requisite corporate action on the part of the Company under the General Corporation Law of
the State of Delaware (the “DGCL”) and are validly issued, fully paid, and non-assessable.
2.
The Warrant Shares have been duly authorized by all requisite corporate action on the part of the Company under the DGCL and, when the
Warrant Shares are delivered and paid for in accordance with the terms of the Warrants and when evidence of the issuance thereof is duly
recorded in the Company’s books and records, the Warrant Shares will be validly issued, fully paid, and non-assessable.
Our
opinion is expressly limited to the matters set forth above, and we render no opinion, whether by implication or otherwise, as to any
other matters relating to the Company, the Shares, the Warrants, the Warrant Shares, the Agreement or any other agreements or transactions
that may be related thereto or contemplated thereby. We are expressing no opinion as to any obligations that parties other than the Company
may have under or in respect of the Shares, the Warrant Shares or as to the effect that their performance of such obligations may have
upon any of the matters referred to above. No opinion may be implied or inferred beyond the opinion expressly stated above.
The
opinion we render herein is limited to those matters governed by the DGCL as of the date hereof and we disclaim any obligation to revise
or supplement the opinion rendered herein should the above-referenced laws be changed by legislative or regulatory action, judicial decision,
or otherwise. We express no opinion as to whether, or the extent to which, the laws of any particular jurisdiction apply to the subject
matter hereof.
This
opinion letter is rendered as of the date first written above, and we disclaim any obligation to advise you of facts, circumstances,
events, or developments that hereafter may be brought to our attention or that may alter, affect, or modify the opinion expressed herein.
We
hereby consent to the filing of this opinion as an exhibit to the Registration Statement. We also hereby consent to the reference to
our firm under the heading “Legal Matters” in the Registration Statement. In giving this consent, we do not thereby admit
that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the General Rules and Regulations
under the Securities Act. It is understood that this opinion is to be used only in connection with the offer and sale of the Shares and
the Warrants Shares being registered while the Registration Statement is effective under the Securities Act.
|
Respectfully
submitted, |
|
|
|
/s/
Sheppard, Mullin, Richter & Hampton LLP |
|
|
|
SHEPPARD,
MULLIN, RICHTER & HAMPTON llp |
Exhibit
23.1
CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We
consent to the incorporation by reference in this Registration Statement on Form S-3 of our audit report dated October 11, 2024 with
respect to the consolidated balance sheets of Sidus Space, Inc. as of December 31, 2023 and 2022, and the related consolidated statements
of operations, stockholders’ equity, and cash flows for each of the years in the two-year period ended December 31, 2023, as filed
with Form 10-K/A on October 11, 2024. Our report relating to those financial statements includes an emphasis of matter paragraph regarding
substantial doubt as to the Company’s ability to continue as a going concern.
Fruci
& Associates II, PLLC – PCAOB ID #05525
Spokane,
Washington
December
23, 2024
Exhibit
107
Calculation
of Filing Fee Tables
FORM
S-3
(Form
Type)
SIDUS
SPACE INC.
(Exact
Name of Registrant as Specified in its Charter)
Table
1: Newly Registered Securities
| |
Security Type | |
Security Class Title | |
Fee Calculation Rule | |
Amount Registered (2) | | |
Proposed Maximum Offering Price Per Share | | |
Maximum Aggregate Offering Price | | |
Fee Rate | | |
Amount of Registration Fee | |
Fees to Be Paid | |
Equity | |
Class A Common Stock, par value $0.0001 per share | |
Other (1) | |
| 10,229,838 (3) | | |
$ | 4.5275 | | |
$ | 46,315,591.50 | | |
$ | 0.00015310 | | |
$ | 7,090.92 | |
Fees Previously Paid | |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Total Offering Amounts | |
| | | |
| | | |
| | | |
| | | |
$ | 7,090.92 | |
| |
Total Fees Previously Paid | |
| | | |
| | | |
| | | |
| | | |
| - | |
| |
Total Fee Offsets | |
| | | |
| | | |
| | | |
| | | |
| - | |
| |
Net Fee Due | |
| | | |
| | | |
| | | |
| | | |
$ | 7,090.92 | |
(1)
Estimated solely for the purpose of computing the amount of the registration fee pursuant to Rule 457(c) under the Securities Act of
1933, as amended (the “Securities Act”), based upon the average of the high and low prices for a share of the registrant’s
common stock as reported on The Nasdaq Capital Market on December 20, 2024.
(2)
Pursuant to Rule 416 under the Securities Act, the shares of common stock offered hereby also include an indeterminate number of additional
shares of common stock as may from time to time become issuable by reason of stock splits, stock dividends, recapitalizations or other
similar transactions.
(3)
Represents the resale of (i) 5,657,090 shares of Class A common stock, (ii)1,162,802 shares of Class A common stock isuable upon exercise
of pre-funded warrants, and (iii) 3,409,946 shares of Class A common stock issuable upon the exercise of warrants.
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