VENICE, Calif. (Stable Road Acquisition Corp. PR) — Stable Road Acquisition Corp. (NASDAQ: SRAC, SRACU, and SRACW) (“Stable Road”) announced today that stockholders of Stable Road approved the proposed business combination with Momentus Inc. (“Momentus”), a U.S. commercial space company that plans to offer in-space infrastructure services, at the special meeting of stockholders (the “Special Meeting”) held on August 11, 2021.
The combined company will retain the Momentus name and its securities are expected to begin trading on the NASDAQ Global Select Market under the new symbol “MNTS” for Momentus stock and “MNTSW” for Momentus warrants on August 13, 2021, following the close of the business combination, which is expected to take place on August 12, 2021.
Over 97% of the votes cast at the meeting voted to approve the business combination. Holders of approximately 55% percent of Stable Road’s issued and outstanding shares cast votes at the Special Meeting.
WASHINGTON, D.C., July 13, 2021 (SEC PR) — The Securities and Exchange Commission today announced charges against special purpose acquisition corporation Stable Road Acquisition Company, its sponsor SRC-NI, its CEO Brian Kabot, the SPAC’s proposed merger target Momentus Inc., and Momentus’s founder and former CEO Mikhail Kokorich for misleading claims about Momentus’s technology and about national security risks associated with Kokorich. The SEC’s litigation is proceeding against Kokorich, against whom the SEC filed a complaint in the U.S. District Court for the District of Columbia. All other parties are settling with the SEC, with terms including total penalties of more than $8 million, tailored investor protection undertakings, and the SPAC sponsor’s forfeiture of founder’s shares it stands to receive if the merger, currently scheduled for August 2021, is approved.
SANTA CLARA, Calif. (Momentus PR) — Momentus Inc. (“Momentus” or the “Company”), a U.S. commercial space company that intends to offer transportation and other in-space infrastructure services, today announced that it received a draft National Security Agreement (NSA) from the Committee on Foreign Investment in the United States (CFIUS). The draft NSA specifies CFIUS’s proposed requirements to resolve its national security concerns about the foreign ownership and control of Momentus. Receiving the draft NSA is an important milestone toward overcoming a key issue that has delayed completion of Momentus’ proposed merger with Stable Road Acquisition Corp. (Nasdaq: SRAC, SRACU, SRACW) (“Stable Road”).
Momentus aims to be a trusted partner to the U.S. government and has taken swift action in response to government concerns. The Company obtained the resignation of its co-founder and former CEO and implemented trust and voting arrangements to ensure that the shares of its co-founders can only be voted by U.S. citizens. The Company voluntarily filed for CFIUS review to enable CFIUS and its member agencies to scrutinize any and all records of Momentus, and proactively proposed a U.S. national security mitigation plan intended to resolve the national security concerns that CFIUS and its member agencies have raised.
SANTA CLARA, Calif. (Stable Road Acquisition Co. PR) — Stable Road Acquisition Corp. (NASDAQ: SRAC, SRACU, and SRACW) (“Stable Road” or the “Company”) announced today that at the special meeting of stockholders (the “Special Meeting”) held on May 13, 2021, the Company’s stockholders approved a proposal to extend the deadline by which the Company has to consummate the proposed business combination with Momentus Inc. (“Momentus”) from May 13, 2021 to August 13, 2021 (the “Extension Amendment Proposal”).
Brian Kabot, Chairman and Chief Executive Officer of Stable Road, commented on the results of the meeting, “We are very pleased by the overwhelming support for the Extension Amendment Proposal exhibited by our stockholders, with approximately 66.2% of all outstanding shares, and approximately 98.6% of shares that voted on the proposal, being cast in favor of the proposal. We appreciate our stockholders’ strong engagement and look forward to advancing the proposed business combination with Momentus.”
Wall Street’s latest easy money craze has attracted a growing number of space companies. But, just because they can go public, should they?
by Douglas Messier Managing Editor
Seven space companies have gotten caught up in the SPACovirus sweeping through Wall Street. The impact on the space industry is going to be interesting to watch.
A SPAC is a special purpose acquisition company. It’s a publicly traded investment firm that, with outside investors, acquires or merges with another company, and then takes the acquisition public under its own name.
SANTA CLARA, Calif., January 25, 2021 (Momentus PR)–Momentus Inc. (“Momentus” or the “Company”), a commercial space company offering in-space infrastructure services, today announced its Board of Directors has appointed Dawn Harms, the Company’s Chief Revenue Officer, as a director and interim CEO effective immediately, following the resignation of director and founding CEO Mikhail Kokorich.
Momentus, in consultation with the Company’s announced SPAC partner, Stable Road Acquisition Corp. (“Stable Road”), has determined that accepting Mr. Kokorich’s resignation is in the best interest of the Company, in an effort to expedite the resolution of U.S. government national security and foreign ownership concerns surrounding the Company, the existence of which the Company recently has confirmed.
Merger to create the first publicly traded space infrastructure company at the forefront of the new space economy
Momentus partners and customers include SpaceX, Lockheed Martin, and NASA
Momentus to become publicly listed through a business combination with Stable Road Acquisition Corp. (Nasdaq: SRAC, SRACU, SRACW) (“Stable Road”)
Combined company will have an estimated enterprise value of approximately $1.2 billion and will become listed on Nasdaq under the ticker symbol “MNTS” following expected transaction close in early 2021
Pro forma for the transaction, Momentus will have approximately $310 million in cash on the balance sheet, to be funded by Stable Road’s $172.5 million of cash held in trust (assuming no redemptions) and $175.0 million from a fully committed common stock PIPE at $10.00 per share, including investments from private equity growth investors, family offices and select top tier public institutional investors
SANTA CLARA, CA , October 7, 2020 (Momentus PR) — Momentus Inc. (“Momentus” or the “Company”), a commercial space company offering in-space transportation and infrastructure services, today announced it has signed a definitive merger agreement with Stable Road Acquisition Corp. (Nasdaq: SRAC, SRACU, SRACW) (“Stable Road”) that will result in the Company becoming publicly listed. Upon the closing of the transaction, the combined operating company will be named Momentus Inc. and its securities will be listed on Nasdaq and trade under the ticker symbol “MNTS.”