Accretive acquisition provides Intellectual
Property, Technology, Revenue and Contracts while expanding the
Company’s Offerings
Sidus Space (NASDAQ: SIDU) (the “Company” or “Sidus”), a
satellite manufacturing and space services company, announces its
strategic acquisition of Exo-Space, a cutting-edge California-based
firm specializing in Edge Artificial Intelligence (AI) software and
hardware for space applications. This transaction signals Sidus's
determination to tap into the growing AI sector and expand its
offerings in the Earth and Space Observations services market.
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Sidus acquires Exo-Space (Photo: Business
Wire)
Pursuant to the terms of the acquisition agreement Sidus has
acquired Exo-Space's assets in a combination of cash, stock
options, and performance bonus incentives in alignment with Sidus’
growth into an AI-enabled space services company. Exo-Space brings
a current revenue stream of commercial and government contracts
extending through 2025, as well as a pipeline of potential clients.
The deal is projected to have a positive impact on Sidus's earnings
before interest, taxes, depreciation, and amortization
(EBITDA).
“This accretive acquisition expands our talent, technology, and
total addressable market. Along with sales contracts and existing
AI technology, the transaction includes the acquisition of
Exo-Space’s collective experience in AI and machine learning.” said
Carol Craig, Founder and CEO of Sidus Space. “This transaction
provides the opportunity for us to enhance our presence in the
Earth and Space Observations markets by providing actionable
solutions for our customers' needs as opposed to just raw data. The
integration of Exo-Space EdgeAI technology with Sidus’ sensors
provides significant value and transformative potential across
various domains.”
Exo-Space occupies a unique niche in the realm of U.S. owned
Edge AI computing, concentrating on both software and hardware
solutions for space assets that utilize faster processing speeds.
Exo-Space’s current operations complement Sidus’ established U.S.
DoD/Intelligence relationships.
Jared Novick, Senior Vice President of Strategy & Special
Projects, added, “Exo-Space’s combination of space hardened
hardware and resilient software made this an attractive acquisition
in creation of value to both our customers and shareholders.” He
also added, “The concept of offering customers a special
"rideshare" opportunity with a software platform to upload, change,
and improve analytics of payloads onboard is a forward-thinking and
innovative approach. This idea aligns with the increasing demand
for flexibility and customization in satellite missions and data
collection.”
Sidus believes the acquisition of Exo-Space will seamlessly
integrate stand-alone AI and machine learning products into Sidus'
business lines, with the ability to market the hardware for
third-party purchase. A distinguishing feature of Exo-Space's
solution is its adaptability, designed to smoothly integrate the
latest processor advancements. Proprietary hardware-agnostic
software allows this flexibility. The synergy between Sidus’
satellite constellation, Edge Computing, and AI platform is
expected to deliver substantial enhancements in leveraging
space-based data.
Jeremy Allam, Chief Executive Officer of Exo-Space, commented,
“By joining the Sidus team and integrating our AI capabilities into
LizzieSat, we can now better deliver the benefits of space-based AI
to more customers and on a shorter timeline than was previously
possible.”
Sidus believes this strategic acquisition solidifies Sidus
Space's position as a frontrunner in the space technology sector,
poised to leverage AI advancements to revolutionize the acquisition
and utilization of space-derived data.
Sidus has issued non-qualified stock option awards to purchase
an aggregate of 3,955,212 shares of Class A common stock to certain
former employees of Exo-Space. The stock options were granted as
inducements material to the new employees becoming employees of
Sidus in accordance with Nasdaq Listing Rule 5635(c)(4). The
options have an exercise price of $0.16 per share, which is equal
to the closing price of Sidus’ Class A common stock on August 21,
2023. Each option will vest over a 4-year period, subject to the
employee’s continued employment with Sidus on such vesting dates.
Notwithstanding the foregoing vesting conditions, no portion of the
options shall be exercisable prior to the second (2nd) anniversary
of the date of grant.
About Sidus Space
Sidus Space (NASDAQ: SIDU) is a Space 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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version on businesswire.com: https://www.businesswire.com/news/home/20230822288694/en/
Investor Relations Valter Pinto or Jack Perkins KCSA
Strategic Communications sidus@kcsa.com (212) 896-1254 Media
Pam Davis Sidus Space mediateam@sidusspace.com
Sidus Space (NASDAQ:SIDU)
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