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SPAC News: 12 Things for Potential Momentus Stock Investors to Know

Momentus news for Wednesday includes plans to go public with the assistance of special purpose acquisition company (SPAC) Stable Road Acquisition (NASDAQ:SRAC,SRACU,SRACW).

Two business men shaking hands in a sunny setting
Source: Shutterstock.com

Here’s what potential investors need to know about the SPAC news.

  • Momentus will be merging with Stable Road in order to go public.
  • This will have the company trading on the Nasdaq under the “MNTS” stock ticker.
  • The deal will create a company with a pro forma enterprise value of roughly $1.2 billion.
  • This will result in current equity shareholders in Momentus owning about 75% of Class A shares of MNTS stock.
  • A private investment in public equity (PIPE) of $175 million has also been agreed on with a price of $10 per share.
  • It’s also worth pointing out that Stable Road has $172.5 million of cash in trust.
  • This will provide the company with $310 million in cash to operate its business with.
  • The deal has unanimous support from both companies’ Boards of Directors.
  • It still needs approval from Stable Road shareholders and regulators before the deal can close.
  • So long as there are no problems, the two companies expect the deal to reach completion in early 2021.
  • Evercore is acting as Momentus’ financial advisor, Orrick, Herrington & Sutcliffe is its legal advisor and ICR is serving as its investor relations and communications advisor.
  • The company notes that its partners and customers include SpaceX, Lockheed Martin (NYSE:LMT), and NASA.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Article printed from InvestorPlace Media, https://investorplace.com/2020/10/spac-news-momentous-merger-details/.

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