Sidus Space, Inc. (NASDAQ: SIDU) is currently experiencing a notable uptrend in its stock performance during the ongoing session. At the latest check, Sidus stock demonstrated a commendable 8.58% increase, reaching $8.61. This positive momentum is attributed to a pivotal development within the company.
In an announcement today, Sidus (SIDU) declared the appointment of Richard J. Berman as a non-independent Director, effective January 18, 2024. Mr. Berman brings to the table exceptional financial and investment acumen, coupled with extensive experience in providing counsel on intricate and significant matters. His unique perspective is anticipated to provide invaluable contributions as Sidus implements its strategic initiatives.
Mr. Berman’s wealth of experience encompasses over 35 years in venture capital, senior management, and merger & acquisitions. Notably, he has served as a director and/or officer of numerous public and private companies in the past five years, currently holding directorial positions in six public companies. With a track record of board service for companies exceeding one billion dollars in market value, Mr. Berman’s arrival aligns strategically with Sidus’ upcoming launch of LizzieSat.
Noteworthy is Mr. Berman’s previous tenure at Goldman Sachs and as Senior Vice President of Bankers Trust Company, where he pioneered the M&A Leveraged Buyout Departments. His extensive financial services expertise and profound knowledge of capital markets position him as a valuable addition to Sidus during this critical phase.
Sidus has recently achieved a significant milestone with the introduction of its innovative Multi-Material 3D Printing Division. Going beyond traditional hardware and satellite manufacturing, the company now offers cutting-edge engineering and advanced 3D printing services. Utilizing MarkForged X7 printers and OnyxFR-A material, Sidus has manufactured structural support components for its LizzieSat satellite, scheduled for launch on Transporter 10 in March 2024.
This groundbreaking material, incorporating Carbon Fiber layers during the 3D printing process and featuring fire retardant properties, has revolutionized satellite part production. It surpasses the strength of aluminum while substantially reducing weight, marking a paradigm shift in conventional manufacturing approaches. Sidus continues to push the boundaries of innovation in both its leadership appointments and technological advancements, signaling a promising trajectory for the company’s future endeavors.