LizzieSat Concept Image by Sidus Space

Sidus Space will execute a reverse stock split on Tuesday to raise its share price, after receiving approval from its stockholders. The company will reverse split its stock so that every 100 shares of issued and outstanding common stock will be exchanged for 1 share of common stock. 

This is intended to raise the company’s share price, which has been trading below $1 since late January 2023. Nasdaq has a $1 per share minimum bid requirement for continued listing, and Sidus has been on notice that it must raise its share price. Its stock is currently trading around 4 cents per share. 

Sidus said in a Dec. 18 announcement that immediately after the reverse stock split, the company will have approximately 778,679 shares of Class A common stock issued and outstanding. 

A number of space companies that are publicly traded have used reverse stock splits to raise their share price, including Spire Global, Momentus, and Astra. These companies went public through special purpose acquisition (SPAC) mergers, while Sidus used a standard-issue IPO. 

Sidus Space is preparing to launch its first multi-mission LizzieSat satellite on the SpaceX Transporter-10 mission in the first quarter of 2024.