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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.
Stable Road Acquisition Corp. (Nasdaq: SRAC) held a Special Meeting today, approving director re-elections and the ratification of its accounting firm. The meeting was adjourned to provide more time for stockholders to vote on the Extension Amendment Proposal, which seeks to extend the deadline for completing its business combination with Momentus from May 13 to August 13, 2021. A quorum was present, but the 65% approval for the extension wasn't achieved. If not approved, public shares will be redeemed at approximately $10.03 each.
Stable Road Acquisition Corp. (NASDAQ: SRAC, SRACU, SRACW) urges stockholders to vote on the Extension Amendment Proposal to extend the deadline for its business combination with Momentus Inc. from May 13, 2021, to August 13, 2021. The special meeting is set for May 6, 2021. If the proposal fails, the company may dissolve, redeeming shares at approximately $10.03 each. A minimum of 65% shareholder approval is needed for the proposal to pass. Stockholders are encouraged to vote their shares promptly to avoid an adjournment of the meeting.
Stable Road Acquisition Corp. (NASDAQ: SRAC, SRACU, SRACW) has called on stockholders to vote for the Extension Amendment Proposal, which extends the deadline for completing its business combination with Momentus Inc. from May 13, 2021, to August 13, 2021. The virtual Special Meeting is scheduled for May 6, 2021. Approval requires at least 65% of Class A and Class B shares. If not approved, the business combination cannot proceed. The firm highlights the stakes involved in this extension for stockholders and encourages early voting.
Momentus Inc. announced the addition of Darryl Genovesi as Vice President of Investor Relations and Jessica Pieczonka as Vice President of Communications, marking a significant expansion of its leadership team. The company has doubled its workforce in less than a year, now employing over 150 personnel, and continues to seek talent for engineering and administrative roles. These strategic hires are aimed at positioning Momentus to capitalize on growth opportunities in space infrastructure services and pave the way for becoming a public company.
Stable Road Acquisition Corp. (NASDAQ: SRAC, SRACU, SRACW) urges stockholders to vote for the Extension Amendment Proposal, extending the deadline for a business combination with Momentus Inc. from May 13, 2021, to August 13, 2021. The Special Meeting is scheduled for May 6, 2021. Approval requires 65% of votes from Class A and B shareholders. Failure to approve could prevent the merger, although even with approval, the company cannot guarantee the merger will complete by the new date. ISS recommends voting 'FOR' this proposal.
Momentus Inc. has appointed Dawn Harms as interim CEO following the resignation of founding CEO Mikhail Kokorich. This leadership change aims to expedite the resolution of U.S. government national security concerns. Harms, with extensive experience in the space industry, will lead Momentus in achieving regulatory reviews and reaching operational targets. The company remains committed to cooperating with the U.S. government. Stable Road Acquisition Corp. is facilitating this transition as part of the merger process.
Momentus Inc. announced the rescheduling of its January 2021 mission to a later date to allow for FAA approval of its payloads. The Company has booked multiple launches with SpaceX from June to December 2021. Momentus reaffirms its expected 2021 revenue, as detailed in its December 2020 presentation, linked to its merger with Stable Road Acquisition Corp. (NASDAQ: SRAC), which remains on track to close in Q1 2021, subject to stockholder approvals and SEC conditions.
Momentus Inc. announced its participation in the Truist Securities Industrials and Services Summit on December 8, 2020. The company has a merger agreement with Stable Road Acquisition Corp. (NASDAQ: SRAC), aiming for Momentus to become publicly listed. This merger entails various forward-looking statements regarding the expected completion timeline, potential revenue, and business strategies. Momentus specializes in in-space infrastructure services and has agreements with satellite companies and government agencies. Investors are encouraged to stay informed through SEC filings regarding the merger.
Stable Road Acquisition Corp. (Nasdaq: SRAC) and Momentus Inc. have announced the appointment of Chris Hadfield, David Siminoff, and Vince Deno to the Board of Directors of the combined company pending shareholder approval. This merger aims to position Momentus as the first publicly listed space infrastructure company. Mikhail Kokorich, CEO of Momentus, emphasized the strategic value of these appointments, highlighting Hadfield's extensive experience in space exploration and the relevant industry expertise of Siminoff and Deno.
Momentus has announced a definitive merger agreement with Stable Road Acquisition Corp. (SRAC), aiming to become publicly listed. The merger is expected to create a combined entity with an enterprise value of approximately $1.2 billion. Momentus, which has raised significant venture funding and contracts worth $90 million, focuses on in-space transportation and infrastructure services. Its innovative propulsion technology and plans for expansion in the growing space economy position the company favorably. The deal is subject to regulatory approvals and is anticipated to close in early 2021.
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