Momentus, a Santa Clara, California-based provider of in-space transportation and infrastructure services, has agreed to merge with Stable Road Acquisition (Nasdaq: SRAC) and will go public once the transaction is completed.
The transaction valued at approximately $1.2B will create a publicly listed space infrastructure company that will operate as Momentus and will trade on Nasdaq using the ticker symbol “MNTS,” Momentus said Wednesday.
Stable Road, a special purpose acquisition company, and Momentus expect the deal to close in early 2021, subject to stockholder approval and other customary closing conditions. The boards of directors of the two companies have cleared the transaction.
Momentus is the developer of Vigoride, a transport and service vehicle designed to launch small satellites to low-Earth orbit. The company intends to launch its first Vigoride in December and up to five vehicles by 2021. It is also working on two larger vehicles: Ardoride and Fervoride. Momentus’ clients include NASA, Lockheed Martin (NYSE: LMT) and SpaceX.
“The technologies we’ve developed or built upon, including our groundbreaking water plasma propulsion, will support growing demand from the booming satellite industry with affordable, versatile and low risk transportation and infrastructure services across private companies, government agencies, and research organizations,” said Mikhail Kokorich, founder and CEO of Momentus.
“We expect to deploy the proceeds of this transaction to support our rapid growth and operations, and to support our capital needs as we ramp up revenues,” Kokorich added.
Evercore and Orrick, Herrington & Sutcliffe LLP respectively serve as financial and legal advisers to Momentus in the deal. ICR acts Momentus’ investor relations and communications adviser.
Cantor Fitzgerald & Co. serves as capital markets adviser to Stable Road, while Kirkland & Ellis LLP advises Stable Road on the deal’s legal aspect.