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Stable Road Acquisition Corp. (SRAC) is a special purpose acquisition company (SPAC) established by SRC-NI Holdings, LLC, an affiliate of Stable Road Capital. The company's primary objective is to execute mergers, capital stock exchanges, asset acquisitions, stock purchases, reorganizations, or similar business combinations.
Recently, SRAC has been involved in a notable administrative proceeding alongside Momentus, Inc., a space infrastructure services company. The Securities and Exchange Commission (SEC) found that both Momentus and SRAC made materially false statements and misleading financial projections in connection with their merger agreement announced on October 7, 2020. These misrepresentations misled investors about the success of Momentus' technology and its national security risks associated with its former CEO, Mikhail Kokorich. As a result, the SEC imposed civil money penalties totaling $8,040,000 on the involved parties. A Fair Fund was established to distribute these penalties to the affected investors.
SRAC's business activities revolve around identifying and merging with companies that have significant growth potential. Despite facing regulatory challenges and financial penalties due to the Momentus merger, SRAC remains committed to its mission of creating value for its shareholders.
Currently, SRAC's primary focus is on ensuring compliance with regulatory standards and addressing the repercussions of the SEC's findings. The company is working closely with the appointed Fund Administrator, Epiq Class Action & Claims Solutions, Inc., to manage the claims process for affected investors.
SRAC's shares and related securities are traded on NASDAQ under the symbols SRAC, SRACW, and SRACU. Investors who purchased these securities during the period from October 7, 2020, to July 13, 2021, may be eligible to file a claim for a payment from the Momentus Stable Road Fair Fund. The deadline for submitting a claim form is July 4, 2024.
The SEC has established the Momentus Stable Road Fair Fund to compensate investors affected by misleading statements and omissions concerning the merger between Momentus and Stable Road Acquisition Corp (SRAC). The Fair Fund aims to distribute $8.04 million in civil penalties paid by the respondents. Eligible claimants include those who purchased SRAC securities between October 7, 2020, and July 13, 2021. To participate, investors must submit a completed claim form by July 4, 2024. The Fund Administrator, Epiq, will assess claims and notify claimants of their status within 90 days of the deadline. Further information and claim forms can be found on the Fair Fund's website.
Stable Road Acquisition Corp. (NASDAQ: SRAC, SRACU, SRACW) announced that over 97% of stockholders approved its business combination with Momentus Inc. at a special meeting held on August 11, 2021. The merger is set to close on August 12, 2021, allowing Momentus to trade under the symbol 'MNTS' from August 13, 2021. Following a redemption of approximately 3.5 million shares, Momentus will receive around $247 million in cash post-transaction. Stable Road's CEO expressed confidence in the value of the merger, reflecting strong stockholder engagement.
Stable Road Acquisition Corp. (NASDAQ: SRAC, SRACU, SRACW) urges stockholders to vote on the business combination with Momentus Inc. at a virtual special meeting on August 11, 2021. Votes must be submitted by August 10 to be counted. If the proposal fails, Stable Road will have to liquidate and return funds to stockholders. Stockholders who held shares as of July 7, 2021, are encouraged to vote, regardless of current holdings. Assistance for voting is available through Morrow Sodali LLC. The SEC's registration statement regarding the merger is accessible online.
Stable Road Acquisition Corp. (NASDAQ: SRAC, SRACU, SRACW) urges stockholders to vote in favor of the Business Combination Proposal with Momentus Inc. The special meeting is scheduled for August 11, 2021. Voting is crucial as failure to approve the proposal may lead to the dissolution of Stable Road and liquidation of its trust account. Stockholders who held shares as of July 7, 2021, are encouraged to vote regardless of current ownership status. The meeting will be held virtually, and stockholders need to check their spam for voting instructions.
Stable Road Acquisition Corp. (NASDAQ: SRAC, SRACU, SRACW) announced that its registration statement on Form S-4 regarding a proposed business combination with Momentus Inc. was declared effective by the SEC. A special meeting for stockholders is set for August 11, 2021, to vote on the transaction. The merger aims to enhance Momentus' capabilities in the space industry, with new leadership under CEO John C. Rood starting August 1. The transaction's completion is contingent upon stockholder approval and customary conditions.
Stable Road Acquisition Corp. (NASDAQ: SRAC) received a deficiency letter from NASDAQ due to its failure to file the Quarterly Report on Form 10-Q for the period ending March 31, 2021. This delay was caused by new SEC guidance on SPAC warrant accounting issued on April 12, 2021, prompting many SPACs to reassess their financial statements. The Company plans to submit a Compliance Plan within 60 days and expects to file the Form 10-Q soon. Despite this, SRAC believes there is no impact on its strategy to acquire Momentus Inc. and remains compliant with other NASDAQ standards.
Momentus has received a draft National Security Agreement (NSA) from CFIUS addressing foreign ownership concerns, a crucial step for its merger with Stable Road Acquisition Corp. (Nasdaq: SRAC, SRACU, SRACW). In response to government concerns, Momentus has made changes in leadership and implemented voting restrictions for co-founders. The company is committed to resolving security concerns and aims to finalize the NSA quickly, which could allow the FAA to reconsider its payload application for upcoming missions. This milestone follows extensive teamwork over the past three months.
Stable Road Acquisition Corp. (NASDAQ: SRAC, SRACU, SRACW) announced that its stockholders approved an extension of the deadline for its proposed business combination with Momentus Inc. from May 13, 2021, to August 13, 2021. At the Special Meeting held on May 13, approximately 66.2% of outstanding shares voted in favor of the extension, with 98.6% of those who voted supporting it. Brian Kabot, the CEO, expressed gratitude for the strong support and looks forward to advancing the merger.
Stable Road Acquisition Corp. (NASDAQ: SRAC, SRACU, SRACW) reminds stockholders to vote on the Extension Amendment Proposal to extend the deadline for the business combination with Momentus Inc. from May 13, 2021, to August 13, 2021. If the proposal fails, public shares may be redeemed at approximately $10.03 each. Every vote is critical, and stockholders are urged to vote before the reconvened Special Meeting on May 13, 2021, at 11:00 AM EDT. Stable Road continues to seek proxies, emphasizing that brokerage firms will not vote shares without stockholder action.
Stable Road Acquisition Corp. (NASDAQ: SRAC, SRACU, SRACW) urges shareholders to vote for the Extension Amendment Proposal to delay the business combination with Momentus Inc. to August 13, 2021. Failing approval will lead to a redemption of shares at approximately $10.03. Even if approved, the company cannot guarantee the completion of the deal by the new date. Shareholders are encouraged to vote soon, especially if shares are held through brokers, as they must act quickly. Additional information can be found in the SEC filings related to the Special Meeting.
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