Sidus Space, Inc. (NASDAQ:SIDU) shares are trading lower on Tuesday.

In an SEC filing, the company announced an offering of 3.75 million shares at an assumed price of $2.67 per share. The offering also contains up to 3.745 million pre-funded warrants to purchase up to 3.745 million shares of Class A common stock.

Per Sidus Space, the net proceeds from this offering will be approximately $8.9 million. The firm will use the net proceeds from this offering for sales and marketing, operational costs, product development, manufacturing expansion, and working capital, along with other general corporate purposes.

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In a press release, Sidus Space announced that the U.S. Federal Communications Commission (FCC) has approved its operation of a micro constellation of remote sensing, multi-mission satellites in Low Earth Orbit (LEO).

This regulatory milestone is a significant step in Sidus Space’s plans for on-orbit expansion and underscores its strategic commitment to enabling new missions while delivering flexible, cost-effective data acquisition solutions through its innovative data-as-a-service model.

The company retains ownership of the data collected by its LizzieSat sensors for all missions, giving customers a distinct advantage in accessing valuable data streams.

The FCC approval marks a significant milestone for Sidus Space as it expands its on-orbit presence and enhances its capacity to provide a variety of industries with improved real-time, space-based data services.

According to Benzinga Pro, SIDU stock has lost over 79% in the past year.

Price Action: SIDU shares are trading lower by 11.2% to $2.335 at last check Tuesday.

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This article What's Going On With Sidus Space Stock Today? originally appeared on Benzinga.com

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