Stable Road Acquisition (NASDAQ:SRAC) a special purpose acquisition company (SPAC) is seeing shares of its stock soar higher on Thursday.
This comes as it prepares to complete its SPAC merger with Momentus, but why are shares heading higher today? It looks like buzz about exchange-traded fund (ETF) manager Ark Invest starting up a Space Exploration ETF is likely behind the boost.
Keeping that in mind, here’s what potential investors in SRAC stock will want to know about the company.
- Stable Road Acquisition is a SPAC created by Stable Road Capital affiliate SRC-NI Holdings.
- It was founded in May 2019 with the goal of going public to facilitate a SPAC merger.
- The company went public early last year and has been seeking a target to take public since.
- An agreement to take Momentus public was announced late last year.
- The current roadmap has it completing this task in early 2021.
Now let’s dig into Momentus.
- This company’s focus is on assisting other companies and organizations with transportation in space.
- Some of its partners include SpaceX, Lockheed Martin (NYSE:LMT), and NASA.
- The company’s goal is to act as a sort of space towing company making use of its water plasma propulsion technology.
- Its plans to go public will have it changing shares of SRAC stock to MNTS stock once the SPAC merger closes.
- Momentus notes that the SPAC merger values it at $1.2 billion and will provide it with $310 million in cash.
SRAC isn’t the only stock on the rise with the Space Exploration ETF news today. Virgin Galactic (NYSE:SPCE) is also rocketing higher, as are shares of New Providence Acquisition (NASDAQ:NPA) ahead of its SPAC merger with AST SpaceMobile.
SRAC stock was up 23.2% as of Thursday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.