- Parabolic Arc
- June 7, 2023
Stable Road Shareholders Approve Plan to Take Momentus Public
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.
Stable Road also announced that an aggregate of approximately 3.5 million shares of Stable Road’s Class A common stock were submitted for redemption by public stockholders in connection with the vote, representing approximately 20% of all issued and outstanding shares of Class A common stock. After giving effect to the redemptions, approximately $137 million will be disbursed from Stable Road’s trust account to Momentus upon the closing of the business combination which, when combined with the $110 million equity PIPE expected to be consummated concurrently with the closing, will provide Momentus with approximately $247 million in total available cash, before transaction fees, expenses and payments related to the previously announced repurchase of its co-founders’ shares.
Brian Kabot, Chairman and Chief Executive Officer of Stable Road, commented on the results of the meeting: “The overwhelming support that our stockholders showed us by approving the business combination with a relatively small amount of redemptions speaks to the value proposition that we saw in Momentus. We appreciate our stockholders’ strong engagement and look forward to concluding the business combination with Momentus tomorrow.”
Momentus is a U.S. commercial space company that plans to offer in-space infrastructure services, including in-space transportation, hosted payloads and in-orbit services. Momentus believes it can make new ways of operating in space possible with its planned in-space transfer and service vehicles that will be powered by an innovative water plasma-based propulsion system that is under development. The Company anticipates flying its first two Vigoride vehicles to Low Earth Orbit on a third-party launch provider as early as June 2022, subject to receipt of appropriate government licenses and availability of slots on its launch provider’s manifest.
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