Sidus secures position on SpaceX’s upcoming Bandwagon mission

Carol Craig ,Sidus Founder & CEO of Sidus Space said in part in a letter to shareholders: “Following this morning’s announcement regarding the reallocation of two LizzieSats to launch on an upcoming Bandwagon mission with SpaceX, I want to explain in greater detail what this means for Sidus. In addition, I will provide an update on our plan to regain compliance on the Nasdaq Capital Market as we focus on growing our business, increasing gross margins, and building value for our shareholders….we announced that Sidus secured a position on SpaceX’s upcoming Bandwagon Mission, reallocating two of our AI-driven LizzieSat satellites…As mentioned in the release this morning, we made the decision to capitalize on SpaceX’s recent announcement to launch Bandwagon missions after evaluating the potential increased revenue opportunity tied to placing multiple LizzieSats in dissimilar orbits. This change will enable us to capture higher revenue generating data by covering more populated areas while also increasing our payload and data customers. We believe that, in combination with the inclusion of additional sensors and enhanced AI capabilities, the new orbits add value as we get closer to initiating these launches and developing new, high-margin business lines…Both LizzieSat Bandwagon missions will include sensors utilizing co-incident or simultaneous data collection to capture still images, hyperspectral and multispectral images, AIS, and wide-area-spectral imaging…We believe that our FeatherEdge AI, working in concert with these additional sensors and combined with the addition of an Equatorial Orbit, will allow Sidus to provide unparalleled data service to our customers. While we initially planned to launch the first LizzieSat on Transporter-9 in Q4 2023, we made the strategic decision to adjust our launch manifest in order to enhance the capacity of our constellation deployment. The updated schedule will expand this mission to target a first launch in the first quarter 2024, with a current target launch date of February 2024, and two LizzieSats on a Bandwagon mission in the second quarter of 2024. Additionally, we plan to have a minimum of five LizzieSats on orbit in the Company’s constellation by the end of the second quarter of 2024. Finally, I would like to address our plan to regain compliance on the Nasdaq Capital Market..In early September, we requested, and have now been granted, an additional 180-day extension to the period allowed to regain compliance. This extension will give us until March 11, 2024 to increase our share price above $1.00, and therefore regain compliance.