Stable Road Acquisition today said announced that the SEC has declared effective its S-4 filing on the pending merger with early-stage space transportation company Momentus.
A Stable Road stockholder vote on the deal is set for Aug. 11.
While navigating the deal, the merger partners travelled through an asteroid belt of challenges.
The SEC last week charged both companies with making misleading disclosures and levied fines of more than $8 million. A few days later, Stable Road was forced to restrike the deal’s PIPE to $110M, down 37% from the initial $175 million.
The SPAC said following the SEC’s action, Investors representing $118 million of the original PIPE Investment terminated their subscription agreements.
Last month Stable Road amended its merger agreement with Momentus, cutting the target’s enterprise valuation in half from $1.131 billion to $566.6 million. The SPAC in May disclosed that Momentus does not expect to fly any missions this year. Read more.
