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).

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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.

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