Sidus Space announces 1-for-100 reverse stock split

Sidus Space will effect a 1-for-100 reverse stock split of its issued and outstanding shares of common stock. The reverse stock split was previously approved by Sidus stockholders with the final ratio determined by the Company’s Board of Directors. The reverse stock split will become effective at 4:01 p.m. Eastern time on December 19, 2023. Commencing with the opening of trading on The Nasdaq Capital Market on December 20, 2023, the Company’s common stock will trade on a post-split basis under its existing trading symbol “SIDU.” Following the reverse stock split, the CUSIP number for the Company’s common stock will be 826165201. As a result of the reverse stock split, every 100 shares of issued and outstanding common stock will be exchanged for 1 share of common stock, with any fractional shares being rounded up to the next higher whole share. Immediately after the reverse stock split becomes effective, the Company will have approximately 778,679 shares of Class A common stock issued and outstanding. In addition, a proportionate adjustment will be made to outstanding equity-based awards and other equity rights. The reverse stock split is primarily intended to bring the Company into compliance with Nasdaq’s $1.00 per share minimum bid price requirement for continued listing; however, no assurance can be given that such reverse stock split will enable the Company to regain compliance with the Nasdaq minimum bid price requirement.