Stable Road Acquisition in an 8-K filing today revealed that merger partner Momentus, a commercial space infrastructure company that has service agreements with private satellite companies and research organizations, does not expect to fly any missions this year. The SPAC said it was informed Sunday by Momentus.
The determination was based on information from SpaceX that it was suspending its Momentus-related efforts while Momentus works to secure approvals from the U.S. government. Momentus is seeking these approvals that are required for its missions. Momentus is in the process of updating its financial projections and backlog, Stable Road said in the filing.
Stable Road shareholders less than two weeks ago approved a deadline extension for the merger, which has faced several complications since it was announced in October.
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.
