Stable Road Acquisition Corp. Stockholders Approve Proposed Business Combination with Momentus
11 Agosto 2021 - 10:56AM
Business Wire
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.”
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.
Forward-Looking Statements
This press release may contain a number of “forward-looking
statements.” Forward-looking statements include statements about
the expected consummation of the proposed business combination
between Stable Road and Momentus. These forward-looking statements
are based on Stable Road’s and Momentus’ management’s current
expectations, estimates, projections and beliefs, as well as a
number of assumptions concerning future events. When used in this
press release, the words “estimates,” “projected,” “expects,”
“anticipates,” “forecasts,” “plans,” “intends,” “believes,”
“seeks,” “may,” “will,” “should,” “future,” “propose” and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements.
These forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside Stable Road’s and Momentus’
management’s control, that could cause actual results to differ
materially from the results discussed in the forward-looking
statements. These risks, uncertainties, assumptions and other
important factors include, but are not limited to: changes in
domestic and foreign business, market, financial, political and
legal conditions; the inability of the parties to successfully or
timely consummate the proposed business combination, including the
risk that any required regulatory approvals are not obtained, are
delayed or are subject to unanticipated conditions that could
adversely affect the combined company or the expected benefits of
the proposed business combination; failure to realize the
anticipated benefits of the proposed business combination; risks
relating to the uncertainty of the projected financial information
with respect to Momentus; risks related to the development of
Momentus’ water-based propulsion system (microwave electrothermal
thruster) and other technology, including failures, setbacks or
delays in reaching objectives and other milestones; risks related
to the ability of customers to cancel contracts for convenience;
risks related to compliance with the National Security Agreement;
risks related to the rollout of Momentus’ business and the timing
of expected business milestones; the effects of competition on
Momentus’ future business; level of product service or product or
launch failures that could lead customers to use competitors’
services; developments and changes in laws and regulations,
including increased regulation of the space transportation
industry; the impact of significant investigative, regulatory or
legal proceedings; the ability of Stable Road or the combined
company to issue equity or equity-linked securities in connection
with the proposed business combination or in the future; and other
risks and uncertainties indicated from time to time in the
definitive proxy statement/consent solicitation
statement/prospectus relating to the proposed business combination,
including those under “Risk Factors” therein, and other documents
filed or to be filed with the SEC by Stable Road. You are cautioned
not to place undue reliance upon any forward-looking statements,
which speak only as of the date made.
Forward-looking statements included in this press release speak
only as of the date of this press release. Except as required by
law, neither Stable Road nor Momentus undertakes any obligation to
update or revise its forward-looking statements to reflect events
or circumstances after the date of this release. Additional risks
and uncertainties are identified and discussed in the Stable Road’s
reports filed with the SEC and available at the SEC’s website at
www.sec.gov.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210811005703/en/
Investors Darryl Genovesi at investors@momentus.space
Media Jessica Pieczonka at press@momentus.space
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