Momentus Grants Inducement Awards to 20 New Employees

Rhea-AI Summary

Momentus Inc. (NASDAQ: MNTS) announced the granting of inducement awards to 20 new employees, approved by its Compensation Committee. These awards consist of 1,129,064 restricted stock units (RSUs) valued at approximately $3.3 million based on a closing price of $2.90 per share on May 20, 2022. The RSUs are set to vest over either three years with quarterly vesting or four years with annual vesting, contingent upon continued employment with Momentus. The company focuses on providing in-space transportation and infrastructure services, with plans for launching its first Vigoride vehicle soon.

Positive

• Inducement awards granted to 20 new employees signal commitment to expanding workforce.
• Issuance of 1,129,064 RSUs valued at $3.3 million demonstrates strategic investment in talent.

Negative

• The success of Momentus' services hinges on future government approvals and licenses, which are uncertain.
• Development risks associated with the water plasma propulsion technology could impact operational timelines.

SAN JOSE, Calif.--(BUSINESS WIRE)-- Momentus Inc. (NASDAQ: MNTS) ("Momentus" or the "Company"), a U.S. commercial space company that plans to offer transportation and other in-space infrastructure services, today announced the granting of inducement awards to 20 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 of 1,129,064 restricted stock units (RSUs) on May 20, 2022, with a total value of approximately $3.3 million based on a price of $2.90 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 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 Vigoride vehicle to Low Earth Orbit on a third-party launch provider as early as May 2022.

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. The words “may,” “will,” “anticipate,” “believe,” “expect,” “continue,” “could,” “estimate,” “future,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “aim,” “strive,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions.

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: the ability of the Company to obtain licenses and government approvals for its missions, which are essential to its operations; the ability of the Company to effectively market and sell satellite transport services and planned in-orbit services; the ability of the Company to protect its intellectual property and trade secrets; the development of markets for satellite transport and in-orbit services; the ability of the Company to develop, test and validate its technology, including its water plasma propulsion technology; delays or impediments that the Company may face in the development, manufacture and deployment of next generation satellite transport systems; the ability of the Company to convert backlog or inbound inquiries into revenue; changes in applicable laws or regulations and extensive and evolving government regulations that impact operations and business, including export control license requirements; the ability to attract or maintain a qualified workforce with the required security clearances and requisite skills; level of product service or product or launch failures or delays that could lead customers to use competitors’ services; investigations, claims, disputes, enforcement actions, litigation and/or other regulatory or legal proceedings; the effects of the COVID-19 pandemic on the Company’s business; the Company’s ability to comply with the terms of its National Security Agreement and any related compliance measures instituted by the director who was approved by the CFIUS Monitoring Agencies (the “Security Director”); the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and/or other risks and uncertainties included under the “Risk Factors” in the Annual Report on Form 10-K filed by the Company on March 9, 2022, 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. These filings identify and address other important risks and uncertainties that could cause the Company’s actual events and results to differ materially from those contained in the forward-looking statements. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220523005757/en/

For media inquiries:

Jessica Pieczonka at press@momentus.space

For investor relations inquiries:

Darryl Genovesi at investors@momentus.space

Source: Momentus Inc.

FAQ

What are the details of the inducement awards announced by Momentus (MNTS)?

Momentus granted 1,129,064 restricted stock units (RSUs) to 20 new employees, valued at approximately $3.3 million.

When were the RSUs granted to Momentus employees?

The RSUs were granted on May 20, 2022.

What is the vesting schedule for the RSUs issued by Momentus?

The RSUs either have a three-year quarterly vesting schedule or a four-year annual vesting schedule.

What is Momentus' focus as a company?

Momentus focuses on offering in-space transportation and infrastructure services.

What potential operational risks does Momentus (MNTS) face?

Momentus faces risks related to government approvals and the development of its water plasma propulsion technology.