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A rendering of Momentus’ Vigoride in-space shuttle. Photo: Momentus
Momentus special purpose acquisition company (SPAC) merger has received an extension to its closing date. Shareholders of the SPAC,
Stable Road Acquisition Corp., voted to approve extending the business combination deadline to August 13. If the extension had not been approved, the merger would have fallen through.
Brian Kabot, chairman and CEO of Stable Road said in a Thursday announcement that approximately 66.2% of all outstanding shares voted, and approximately 98.6% of shares that voted on the proposal, voted to approve the extension.
“We are very pleased by the overwhelming support for the extension amendment proposal exhibited by our stockholders,” Kabot commented. “We appreciate our stockholders’ strong engagement and look forward to advancing the proposed business combination with Momentus.”
A reckoning for Spacs: Will regulators deflate the boom?
13 minutes to read
By: Miles Kruppa and Ortenca Aliaj
At the beginning of this year, the space transportation start-up Momentus thought it would be well on its way towards its stated mission of revolutionising space infrastructure and the space economy . Instead, regulators intervened. Three months after Momentus announced a US$1.2 billion ($1.6b) merger with a special purpose acquisition company, Stable Road Acquisition Corp, the Securities and Exchange Commission told the companies they were under investigation for statements made about the transaction, according to filings made public last month.
The merger, which would make Momentus one of the few publicly traded space companies, had been billed in October as a unique and compelling opportunity for investors. Momentus projected it would reach more than US$4b in revenues in 2027, including almost US$670 million in sales from a fleet of robotic vehi