November 28, 2021
  • November 28, 2021

Momentus and Stable Road Announce Revised Merger Agreement

By on July 1, 2021 0


The proposed combination between Momentus, a space transportation services provider based in Santa Clara, Calif., And Stable Road Acquisition (Nasdaq: SRAC), a special purpose acquisition company, is now valued at approximately $ 700 million under of an amended merger agreement that reflects the changes in Momentus. ‘launch schedule.

Momentus said on Wednesday that its current shareholders will see their stake in the combined company increase from around 46% to 55% under the revised deal following the full divestiture of shares held by the Momentus co-founders and their associates on the 8th. June.

Stable Road shareholders and private investments in public investors will have increased the stake in the combined company by around 45 percent, up from 28 percent under the original merger deal.

Momentus decided to withdraw its 2021 flight plan in May to address national security concerns and now expects the first two Vigoride orbital transfer vehicles to complete their maiden flight in June 2022 as part of the revised plan, under subject to receipt by the company of government launch licenses and associated approvals. .

In June, Momentus and its co-founders reached a national security agreement with the Defense and Treasury Departments, which act on behalf of the Committee on Foreign Investments in the United States. In accordance with the NSA, the co-founders of the company and related entities have ceded all of their stock options and shares for a maximum amount of $ 50 million, which will be paid by Momentus upon closing of the transaction.

Momentus announced in October that it would go public by agreeing to merge with Stable Road in a transaction that valued the combined entity at around $ 1.2 billion.



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