Stable Road Acquisition is asking stockholders to approve a deadline extension giving the SPAC more time to complete its merger with Momentus. A favorable vote would extend the deadline to Aug. 13 from May 13. The vote is set for May 6.
Momentus designs and builds infrastructure for commercial space needs, including satellites.
The merger has faced several complications since it was announced in October.
Momentus said in January its board of directors appointed Dawn Harms, the company’s Chief Revenue Officer, as a director and interim CEO effective immediately. This follows the resignation of director and founding CEO Mikhail Kokorich. Momentus, in consultation with Stable Road, said it has determined that accepting Kokorich’s resignation is in the best interest of the company, in an effort to expedite the resolution of U.S. government national security and foreign ownership concerns surrounding Momentus.
Terms call for Momentus to receive $310 million in cash, funded by Stable Road’s $172.5 million held in trust (assuming no redemptions) and $175 million from a fully committed common stock PIPE. Read more.
