Sidus Space Reports Inducement Grant to New Chief Financial Officer

Rhea-AI Summary

Sidus Space (NASDAQ: SIDU) grants an inducement award to its new CFO, Bill White, in the form of stock options. The options allow the purchase of up to 25,000 shares at $4.60 per share, vesting over 3 years.

CAPE CANAVERAL, Fla.--(BUSINESS WIRE)-- Sidus Space (NASDAQ: SIDU) (the “Company” or “Sidus”), a multi-faceted Space and Data-as-a-Service company, today announced the grant of an inducement award to the Company’s newly appointed Chief Financial Officer, Bill White. In connection with Mr. White’s appointment, the Sidus Space Board of Directors approved a stock option grant to Mr. White as an inducement material to Mr. White entering into employment with Sidus Space in accordance with Nasdaq Listing Rule 5635(c)(4). The stock option provides for the purchase of up to 25,000 shares of Sidus Space common stock at a price of $4.60 per share, the closing price per share of Sidus Space common stock as reported by Nasdaq on the date of grant, and vests over 3 years, with 1/36 of the shares vesting at the end of the month after Mr. White’s employment start date, and the remainder vesting ratably at the end of each subsequent month thereafter, subject to Mr. White’s continued service relationship with Sidus Space through the applicable vesting dates.

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

KCSA Strategic Communications

sidus@kcsa.com

(212) 896-1254

Media

Pam Davis

Sidus Space

mediateam@sidusspace.com

Source: Sidus Space

FAQ

What is the inducement award granted by Sidus Space to Bill White?

Sidus Space granted an inducement award to its newly appointed Chief Financial Officer, Bill White, in the form of stock options.

How many shares can Bill White purchase through the stock option grant?

Bill White can purchase up to 25,000 shares of Sidus Space common stock through the stock option grant.

At what price are the shares available for purchase through the stock option grant?

The shares are available for purchase at a price of $4.60 per share.

How long does it take for the stock options to vest?

The stock options vest over 3 years, with 1/36 of the shares vesting at the end of the month after Mr. White’s employment start date, and the remainder vesting ratably at the end of each subsequent month thereafter.

What is the condition for the stock options to vest?

The stock options vest subject to Mr. White’s continued service relationship with Sidus Space through the applicable vesting dates.