Momentus SPAC Deal Having Difficult Getting Enough Positive Votes

Momentus’ Ardoride, which has an anticipated payload capability of 500-4,000kg, 5km/s of delta-V, and capabilities within MEO, GEO, HEO. (Credit: Momentus)
  • Stable Road Acquisition Corporation Adjourns Special Meeting of Stockholders to May 13, 2021 to Allow Stockholders More Time to Vote on Extension Amendment Proposal
  • Approval necessary for in-space transportation company Momentus to go public on Nasdaq stock exchange by merging with Stable Road

Venice, CA, May 6, 2021 (Stable Road Acquisition Corp. PR) – Stable Road Acquisition Corp. (Nasdaq: SRAC) (“Stable Road”) today announced that its 2021 Special Meeting in lieu of an annual meeting of stockholders (the “Special Meeting”) was convened today at 11:00 a.m. Eastern time for purposes of considering the proposals set forth in the definitive proxy statement. At the Special Meeting, the director re-election proposal and the ratification of Stable Road’s independent registered accounting firm were approved by the requisite vote of Stable Road’s stockholders.

The Special Meeting was then adjourned to allow more time to solicit additional votes in favor of the proposal to extend the date by which Stable Road must complete its initial business combination, from May 13, 2021 to August 13, 2021 (the “Extension Amendment Proposal”). The Special Meeting has been adjourned until May 13, 2021 at 11:00 a.m. Eastern time, to consider the Extension Amendment Proposal.

At the time the Annual Meeting was convened today, a quorum representing at least a majority of the votes that could be cast by the holders of all outstanding shares of stock as of the record date of March 22, 2021 was present online or by proxy. However, Stable Road had not received the vote of the holders of at least 65% of all outstanding shares of stock as of the record date in favor of the Extension Amendment Proposal, which is the threshold needed to approve that proposal. As a result, Stable Road believes adjourning the Special Meeting until May 13, 2021 is in the best interest of its stockholders to provide additional time for stockholders to vote to approve the Extension Amendment Proposal.

If the Extension Amendment Proposal is not approved, Stable Road will be unable to consummate the proposed business combination with Momentus and, in accordance with Stable Road’s charter, all public shares will be redeemed at a price of approximately $10.03 per share within ten business days after May 13, 2021. However, even if the Extension Amendment Proposal is approved, Stable Road can provide no assurances that the proposed business combination will be consummated prior to the extended date.

Stable Road requests that any stockholder who held shares of stock in Stable Road as of the close of business on March 22, 2021, and has not yet voted, do so as soon as possible. When the Special Meeting is reconvened on May 13, 2021, stockholders will be asked to approve the Extension Amendment Proposal to allow Stable Road more time to complete its proposed business combination with Momentus.

During the period of the adjournment, Stable Road will continue to solicit proxies from its stockholders with respect to the Extension Amendment Proposal. Proxies previously submitted in respect of the Special Meeting will be voted at the reconvened meeting unless properly revoked. Proxies can be revoked by following the procedure for revocation described in the definitive proxy statement for the Special Meeting.

You are encouraged to submit your vote as soon as possible to ensure it is counted at the Special Meeting. Please note that if your shares are held at a brokerage firm or bank, your broker will not vote your shares for you. You must contact your bank or broker to cast your vote, and you should do so as promptly as possible as your brokerage firm or bank may require you to act more quickly prior to the reconvened meeting. If you need assistance voting your shares, please contact Stable Road’s proxy solicitor Morrow Sodali LLC at 877-787-9239 or by email to SRAC.info@investor.morrowsodali.com.

About Stable Road

Stable Road Acquisition Corp. (Nasdaq: SRAC, SRACW, SRACU) is a special purpose acquisition company formed by SRC-NI Holdings, LLC, an affiliate of Stable Road Capital, for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination.

About Momentus

As a first mover in building in-space infrastructure services, Momentus is at the forefront of the commercialization of space. With an experienced team of aerospace, propulsion, and robotics engineers, Momentus has developed a cost-effective and energy efficient in-space transport system based on water plasma propulsion technology. Momentus has in-place service agreements with private satellite companies, and research organizations.