Momentus Closes Business Combination with Stable Road Acquisition Corp.
Momentus Inc. (“Momentus” or the “Company”), a U.S. commercial space company that plans to offer transportation and other in-space infrastructure services, today announced that it has closed its business combination with Stable Road Acquisition Corp (“SRAC”), a special purpose acquisition company. Momentus’ securities are expected to start trading on the Nasdaq Global Select Market on August 13, 2021 under the ticker symbols “MNTS” for Momentus Class A common stock and “MNTSW” for Momentus warrants.
Momentus raised approximately $247 million in cash proceeds through the business combination. This included $137 million released from SRAC’s trust, after giving effect to $35 million in stockholder redemptions, along with a $110 million private placement, to which entities affiliated with SRAC’s sponsor contributed $15 million. As previously announced, SRAC stockholders approved the business combination at a special meeting on August 11, 2021 with approximately 97% of votes cast in favor.
“Momentus is well positioned to meet the needs of the emerging new space economy. The combination of progressively more affordable access to space and increasingly capable small satellites creates a need for our in-space transportation and infrastructure services,” said Momentus CEO John Rood. “The high approval percentage of votes cast for the business combination is a testament to our market positioning, our technology, and the team we have assembled to develop backbone infrastructure to enable the burgeoning space economy. We’re excited about the future of the company and the products and services we plan to deliver.”
Momentus plans to use approximately $50 million of the proceeds from the business combination to pay fees and expenses that are predominantly related to the transaction, another $40 million to fund the previously-announced repurchase of its co-founders’ shares, and $25-30 million to retire debt, after which the Company expects to have approximately $150 million in proforma cash to fund its operations. Momentus plans to use this cash to continue to develop its space services platform ahead of its inaugural launch, which it plans to conduct as early as June 2022, contingent upon its ability to secure appropriate government licenses and approvals and a slot on the launch provider’s manifest
CEO John Rood joined Momentus on August 1 and will continue to lead the combined company. Additionally, the organization will be guided by its Board of Directors, including Chris Hadfield, Brian Kabot, Mitch Kugler, Vic Mercado, Kimberly A. Reed, Linda Reiners and John Rood.
The company recently announced that its latest generation thruster completed 350 test cycles and that it has signed a 2022 launch services agreement with the Danish Student CubeSat program. Read more from the company here.
About Momentus
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.
