The Committee on Foreign Investment in the U.S. has proposed a set of requirements to address the panel’s national security concerns over the ownership of Mometus as part of a review process for the proposed merger between the space infrastructure services provider and Stable Road Acquisition Corp. (Nasdaq: SRAC).
Santa Clara, California-based Momentus said Friday the draft national security agreement from CFIUS signals progress toward overcoming a hurdle to the pending combination.
The committee issued the proposal after the space company updated a voting trust arrangement following the resignation of its Russian co-founder and CEO, Mikhail Kokorich.
“The agreement will build on the mitigation plan that we shared with the Department of Defense and other CFIUS member agencies back in February,” said Momentus President Fred Kennedy.
“Although there is no assurance that the parties will reach agreement on the final terms of the NSA, if and once finalized, the NSA will document Momentus’ commitments to implement controls to ensure that the national security concerns described by the U.S. government as part of the CFIUS process are resolved.”
Momentus intends to go public by merging with the special purpose acquisition company sponsored by Stable Road Capital’s SRC-NI Holdings affiliate and is still subject to additional interagency reviews in order to carry out in-space transport missions.