Stable Road Acquisition stockholders voted to approve the proposed business combination with Momentus, a U.S. commercial space company that plans to offer in-space infrastructure services.
Momentus securities are expected to begin trading on the Nasdaq under MNTS for stock and MNTSW for warrants on Aug. 13, following the close of the business combination, which is expected today.
Over 97% of the votes cast at the meeting voted to approve the business combination, Stable Road said. Holders of approximately 55% percent of Stable Road’s issued and outstanding shares participated in the vote.
While navigating the deal, the merger partners travelled through an asteroid belt of challenges in recent months. Stable Road shares are down more than 40% since March.
The SEC last month 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.
Stable Road in June 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.