Stable Road Acquisition in an 8-K filing said it has amended its merger agreement with commercial space company Momentus, lowering the target’s enterprise valuation from $1.131 billion to $566.6 million. The SPAC also extended the outside date under the merger agreement from June 7 to August 13.
This is the latest speed bump for the deal since if was announced last fall.
The SPAC disclosed last month that Momentus does not expect to fly any missions this year.
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 at the time.
Stable Road shareholders in May approved a deadline extension for the merger, which has faced several complications since it was announced in October. Read more.
