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Momentus Grants Inducement Awards to 12 New Employees
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Momentus Inc. (NASDAQ: MNTS), a U.S. commercial space company, announced it has granted inducement awards to 12 new employees, which were approved by its Compensation Committee. These inducement awards total 2,851,644 restricted stock units (RSUs) valued at approximately $1.7 million, based on a price of $0.60 per share, the closing price on March 23, 2023. The RSUs will vest either quarterly over three years or annually over four years, contingent on the employees' continued service.
Momentus aims to innovate in space operations with its upcoming in-space transfer and service vehicles powered by a novel water plasma-based propulsion system.
Positive
Granting of 2,851,644 RSUs valued at $1.7 million may enhance employee retention and motivation.
Inducement awards indicate growth and hiring strategy as Momentus expands its team.
Negative
None.
SAN JOSE, Calif.--(BUSINESS WIRE)--
Momentus Inc. (NASDAQ: MNTS) ("Momentus" or the "Company"), a U.S. commercial space company that offers transportation and other in-space infrastructure services, today announced the granting of inducement awards to 12 new employees. In accordance with NASDAQ Listing Rule 5635(c)(4), the awards were approved by Momentus’ Compensation Committee and made as a material inducement to each employee's entry into employment with the Company.
In connection with the commencement of their employment, the employees received an aggregate 2,851,644 restricted stock units (RSUs) on March 23, 2023, with a total value of approximately $1.7 million based on a price of $0.60 per share, the closing trading price on the Nasdaq Global Select Market on the date of grant.
The RSUs have either a three-year quarterly vesting schedule or a four-year annual vesting schedule, subject to the relevant employee's continued service with Momentus on the applicable vesting date.
About Momentus Inc.
Momentus is a U.S. commercial space company that offers 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.
Forward-Looking Statements
This press release contains certain statements which may constitute “forward-looking statements” for purposes of the federal securities laws. Forward-looking statements include, but are not limited to, statements regarding Momentus or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, and are not guarantees of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Momentus’ control. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to risks and uncertainties included under the heading “Risk Factors” in the Annual Report on Form 10-K filed by the Company on March 7, 2023, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at investors.momentus.space. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
What are the details of the employee inducement awards by Momentus Inc. (NASDAQ: MNTS)?
Momentus Inc. granted 2,851,644 RSUs valued at approximately $1.7 million to 12 new employees, approved by the Compensation Committee, as an inducement for their employment.
When were the RSU awards granted to Momentus Inc. employees?
The RSUs were granted on March 23, 2023.
What is the total value of the RSUs granted by Momentus Inc.?
The total value of the RSUs granted is approximately $1.7 million.
What is the vesting schedule for the RSUs granted by Momentus Inc.?
The RSUs have either a three-year quarterly vesting schedule or a four-year annual vesting schedule.
How does Momentus Inc. plan to innovate in space operations?
Momentus aims to innovate with in-space transfer and service vehicles powered by a water plasma-based propulsion system under development.
