Sidus Space Announces 180-Day Extension to Regain Compliance with NASDAQ Minimum Bid Price Requirement

Rhea-AI Summary

Sidus Space (NASDAQ: SIDU) has been granted an additional 180 days to regain compliance with NASDAQ's Minimum Bid Price Requirement. If the closing bid price of Sidus's Class A common stock is at least $1 per share for 10 consecutive business days by March 11, 2024, NASDAQ will confirm compliance. Failure to demonstrate compliance will result in delisting.

CAPE CANAVERAL, Fla.--(BUSINESS WIRE)-- Sidus Space (NASDAQ: SIDU) (the “Company” or “Sidus”), a multi-faceted Space and Data-as-a-Service company, today announces that it has been granted an additional 180 calendar days, or until March 11, 2024, (the "Second Compliance Period") to regain compliance with The Nasdaq Stock Market LLC ("NASDAQ").

On September 12, 2023, Sidus received a notification letter (the "Notification Letter") from the Listings Qualifications Department of NASDAQ. The Notification Letter states that, while Sidus has not regained compliance with the Minimum Bid Price Requirement, NASDAQ has determined that the Company is eligible for a Second Compliance Period.

If at any time during the Second Compliance Period, the closing bid price of Sidus’s Class A common stock is at least $1 per share for a minimum of 10 consecutive business days, NASDAQ will provide Sidus with written confirmation of compliance. If compliance with the Minimum Bid Price Requirement cannot be demonstrated by March 11, 2024, NASDAQ will provide written notification that the Company's Class A common stock will be delisted. At that time, the Company may appeal NASDAQ's determination to a Hearings Panel.

The Company intends to actively monitor the closing bid price of its Class A common stock and may, if appropriate, consider implementing available options to regain compliance with the minimum bid price under the Nasdaq Listing Rules.

About Sidus Space

Sidus Space (NASDAQ: SIDU) is a Space and Data-as-a-Service satellite company focused on mission-critical hardware manufacturing; multi-disciplinary engineering services; satellite design, production, launch planning, mission operations; and in-orbit support. The Company is located in Cape Canaveral, Florida, where it operates from a 35,000-square-foot manufacturing, assembly, integration, and testing facility focused on vertically integrated Space-as-a-Service solutions including end-to-end satellite support.

Sidus Space has a mission of Bringing Space Down to Earth™ and a vision of enabling space flight heritage status for new technologies while delivering data and predictive analytics to domestic and global customers. Any corporation, industry, or vertical can start their journey off-planet with Sidus Space’s rapidly scalable, low-cost satellite services, space-based solutions, and testing alternatives. More than just a “Satellite-as-a-Service” provider, Sidus Space is a trusted Mission Partner–from concept to Low Earth Orbit and beyond. Sidus Space is ISO 9001:2015, AS9100 Rev. D certified, and ITAR registered.

Forward-Looking Statements

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute ‘forward-looking statements’ within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words ‘anticipate,’ ‘believe,’ ‘continue,’ ‘could,’ ‘estimate,’ ‘expect,’ ‘intend,’ ‘may,’ ‘plan,’ ‘potential,’ ‘predict,’ ‘project,’ ‘should,’ ‘target,’ ‘will,’ ‘would’ and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and other factors described more fully in the section entitled ‘Risk Factors’ in Sidus Space’s Annual Report on Form 10-K for the year ended December 31, 2022, and other periodic reports filed with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and Sidus Space, Inc. specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

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Investor Relations

Valter Pinto or Jack Perkins

KCSA Strategic Communications

sidus@kcsa.com

(212) 896-1254

Media

Pam Davis

Sidus Space

mediateam@sidusspace.com

Source: Sidus Space