Stable Road Capital will take Momentus public through a SPAC deal that values the company at $1.2 billion.
It is expected that the acquisition will close early next year, with Momentus to be listed on the Nasdaq under the ticker symbol “MNTS.” Special purpose acquisition company of Stable Road Capital, which is listed under the ticker symbol “SRAC,”is being used to take ‘Momentus’ public.
Rather than going through the traditional IPO market, an investor or firm uses a SPAC to raise funds to finance an acquisition within a certain time frame and the company that is acquired is effectively taken public.
CNBC quoted Stable Road chairman and CEO Brian Kabot as saying that Space is probably the most interesting and unique growth avenue in the U.S. economy. He added that he believes that Momentus is really the key to commercializing and industrializing the space economy.
Momentus is expected to expand its fleet of transfer vehicles to offer even more powerful and capable ways to deliver satellites to orbit. Although its water plasma engines are crucial to the business, Momentus CEO Mikhail Kokorich in July emphasized that his operation is “not a propulsion company.”
Kokorich said that in the big picture, they would like to build the infrastructure for industrialization beyond Earth in space. He added that the first step will be developing a last mile delivery in space transportation.
