SEC Announces Charges Against Momentus, Stable Road and Their CEOs for Misleading Claims in SPAC Merger

Mikhail Kokorich

WASHINGTON, D.C., July 13, 2021 (SEC PR) — The Securities and Exchange Commission today announced charges against special purpose acquisition corporation Stable Road Acquisition Company, its sponsor SRC-NI, its CEO Brian Kabot, the SPAC’s proposed merger target Momentus Inc., and Momentus’s founder and former CEO Mikhail Kokorich for misleading claims about Momentus’s technology and about national security risks associated with Kokorich. The SEC’s litigation is proceeding against Kokorich, against whom the SEC filed a complaint in the U.S. District Court for the District of Columbia. All other parties are settling with the SEC, with terms including total penalties of more than $8 million, tailored investor protection undertakings, and the SPAC sponsor’s forfeiture of founder’s shares it stands to receive if the merger, currently scheduled for August 2021, is approved.

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SPACovirus Sweeps Space Sector

Richard Branson celebrates the first Virgin Galactic trade on the New York Stock Exchange. (Credit Virgin Galactic)
Wall Street’s latest easy money craze has attracted a growing number of space companies. But, just because they can go public, should they?

by Douglas Messier
Managing Editor

Seven space companies have gotten caught up in the SPACovirus sweeping through Wall Street. The impact on the space industry is going to be interesting to watch.

A SPAC is a special purpose acquisition company. It’s a publicly traded investment firm that, with outside investors, acquires or merges with another company, and then takes the acquisition public under its own name.

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Momentus’ Russian CEO Resigns Over National Security, Foreign Ownership Concerns

Mikhail Kokorich

SANTA CLARA, Calif., January 25, 2021 (Momentus PR)–Momentus Inc. (“Momentus” or the “Company”), a commercial space company offering in-space infrastructure services, today announced its Board of Directors has appointed Dawn Harms, the Company’s Chief Revenue Officer, as a director and interim CEO effective immediately, following the resignation of director and founding CEO Mikhail Kokorich.

Momentus, in consultation with the Company’s announced SPAC partner, Stable Road Acquisition Corp. (“Stable Road”), has determined that accepting Mr. Kokorich’s resignation is in the best interest of the Company, in an effort to expedite the resolution of U.S. government national security and foreign ownership concerns surrounding the Company, the existence of which the Company recently has confirmed.

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Momentus Announces Service Agreement with Qosmosys

SANTA CLARA, Calif., January 21, 2021 (Momentus PR) – Momentus Inc. (“Momentus” or the “Company”), a commercial space company offering in-space infrastructure services, and Qosmosys, a new venture founded in Singapore last year, today announced a service agreement for two 3UXL protoflight cubesats in 2022, followed by two options in 2023.

“Momentus has exported the spirit of Silicon Valley to Singapore, bringing some fresh perspectives to launch services. Our Qosmosys missions demand a purposeful use of orbits, therefore, with Momentus, we clearly take significant benefits with their injection precision,” said Francois Dubrulle, founder of Qosmosys. “Moreover, Momentus offers an effective solution for Qosmosys for assured access to space, flying on a regular schedule with SpaceX, and adding extra flexibility and customization to our myriad of spacecraft to be launched.”

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Momentus Announces First Rideshare Mission to Moon

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)

New Ardoride vehicle will pave the way to regular rideshares to orbits beyond LEO

SANTA CLARA, Calif., December 01, 2020 (Momentus PR) — Momentus Inc. (“Momentus” or the “Company”), a commercial space company providing in-space infrastructure services, signed a deal with Canadensys Aerospace Corporation to deliver a payload to low lunar orbit (LLO). Canadensys will be the first customer to book Ardoride, Momentus’ next-generation rideshare service vehicle.

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Momentus Announces New Launch and Transportation Service with Australia’s Gilmour Space

Eris rocket second stage separation. (Credit: Gilmour Space Technologies)

SANTA CLARA, Calif., November 30, 2020 (Momentus PR) – Momentus Inc. (“Momentus” or the “Company”), a commercial space company offering in-space infrastructure services, and Gilmour Space Technologies, a leading hybrid rocket company based in Queensland, Australia, today announced a new agreement for launch and orbital transport services.

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Kepler Communications Awards Service Agreement to Momentus

GEN1 satellite (Credit: Kepler Communications)

SANTA CLARA, Calif., October 20th, 2020 (Momentus PR) — Momentus Inc. (“Momentus” or the “Company”), a commercial space company offering in-space infrastructure services, and Kepler Communications Inc. (“Kepler”), developer and operator of next-gen satellite communications technologies, have signed a launch service agreement to deploy two additional satellites for Kepler’s GEN1 constellation in 2021. Momentus’ rideshare service will include launch provisions and delivery to the customer’s desired orbital altitude while maintaining the SSO inclination using Momentus’ Vigoride transfer vehicle.

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Momentus to Become Public Through Merger with Stable Road Acquisition Corp.

  • Merger to create the first publicly traded space infrastructure company at the forefront of the new space economy
  • Momentus partners and customers include SpaceX, Lockheed Martin, and NASA
  • Momentus to become publicly listed through a business combination with Stable Road Acquisition Corp. (Nasdaq: SRAC, SRACU, SRACW) (“Stable Road”)
  • Combined company will have an estimated enterprise value of approximately $1.2 billion and will become listed on Nasdaq under the ticker symbol “MNTS” following expected transaction close in early 2021
  • Pro forma for the transaction, Momentus will have approximately $310 million in cash on the balance sheet, to be funded by Stable Road’s $172.5 million of cash held in trust (assuming no redemptions) and $175.0 million from a fully committed common stock PIPE at $10.00 per share, including investments from private equity growth investors, family offices and select top tier public institutional investors

SANTA CLARA, CA , October 7, 2020 (Momentus PR) — Momentus Inc. (“Momentus” or the “Company”), a commercial space company offering in-space transportation and infrastructure services, today announced it has signed a definitive merger agreement with Stable Road Acquisition Corp. (Nasdaq: SRAC, SRACU, SRACW) (“Stable Road”) that will result in the Company becoming publicly listed. Upon the closing of the transaction, the combined operating company will be named Momentus Inc. and its securities will be listed on Nasdaq and trade under the ticker symbol “MNTS.”

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ProXopS Enters Launch Agreement with Momentus

SANTA CLARA, Cailf. (Momentus PR) — Momentus Inc. (“Momentus” or the “Company”), a commercial space company offering in-space satellite transportation and infrastructure services, and ProXopS, LLC, a Texas-based systems engineering and integration company founded in 2010 with a concentration in space related technologies, announced today the execution of a launch agreement for several slots in Vigoride rideshare missions from Q4 2021 to 2023.

The agreement includes the deployment of multiple satellites for the VariSat constellation. ProXopS has partnered with Momentus to deploy up to 24 VariSat satellites in Sun Synchronous Orbit starting in Q4 2021. VariSat will enable new and extremely robust data communications protocols to worldwide users and provide a hybrid network capable of surviving nuclear attacks on current DoD satellite assets. VariSat takes advantage of the diffractive/reflective properties of some part of the radiofrequency (RF) spectrum (1.7 MHz to 30 MHz) in the ionosphere. The Earth’s ionosphere provides an “umbrella-like” ionospheric reflector that gives each satellite unprecedented over the horizon ground coverage.

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Momentus Announces Appointment of Jikun Kim as CFO

SANTA CLARA, Calif,, September 28, 2020 (Momentus PR) — Momentus Inc. (the “Company”), a commercial space company offering in-space satellite transportation and infrastructure services, today announced the appointment of Jikun Kim as Chief Financial Officer, effective September 28, 2020.

Mr. Kim’s appointment comes as Momentus prepares for the first commercial launch of Vigoride, the Company’s orbital transfer vehicle designed for last mile, in-space satellite transportation services. Vigoride is scheduled to launch on a SpaceX Falcon 9 rocket in December 2020. The launch marks the first time Momentus’ vehicles will carry customers, following a successful in-space test of Momentus’ groundbreaking water propulsion technology.

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Pixxel Enters Service Agreement with Momentus for Second Satellite Launch

SANTA CLARA, Calif. and Bangalore, India, September 22, 2020 (Momentus PR) — Momentus Inc. (“Momentus” or the “Company”), a commercial space company providing in-space satellite transportation and infrastructure services, and Pixxel, a Bengaluru headquartered space-tech startup, today announced the execution of a service agreement for delivering Pixxel’s second smallsat to SSO orbit in December 2021 onboard a SpaceX Falcon-9 launch, as well as options to fly again in 2022.

Pixxel is building a constellation of cutting-edge earth imaging small satellites that can provide real-time remote sensing data across the world. The Momentus Shuttle Service will provide a rideshare for multiple Pixxel spacecraft to predefined orbits.

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Momentus Announces Service Agreement for GP Advanced Projects FEES satellites

Vigoride (Credit: Momentus)

SANTA CLARA, Calif., September 22nd, 2020 (Momentus PR) – Momentus Inc. (“Momentus” or the “Company”), a commercial space company providing in-space satellite transportation and infrastructure services, and GP Advanced Projects, an Italian startup helping non-space companies to enter the space sector, today announced a launch service agreement for GP Advanced Projects FEES2 Picosatellite to fly on Vigoride’s second demo mission in April 2021.

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Momentus Announces Appointment of Dr. Fred Kennedy as President

Fred Kennedy

SANTA CLARA, CA, September 16, 2020 (Momentus PR) — Momentus Inc. (“Momentus” or the “Company”), a commercial space company providing in-space satellite transportation and infrastructure services, today announced the appointment of Dr. Fred Kennedy as President of the Company, effective September 14, 2020.

Momentus has gained significant traction since its founding in 2017, attracting dozens of customers ranging from private commercial space companies to the likes of Lockheed Martin and NASA, and penning important industry partnerships, most notably with SpaceX. Dr. Kennedy’s significant experience within the industry will help accelerate Momentus’ goal of becoming the leading transportation and infrastructure services company of the new space economy.

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Space Video Streaming Company Sen Awards Momentus Orbital Deployment Contract

SANTA CLARA, CALIF. AND LONDON, MAY 13, 2020 (Sen/Momentus PR) — Sen, a British space company establishing a video streaming service to provide real-time and timely Ultra-High Definition (UHD) video of Earth, and Momentus, a provider of in-space transportation services for satellites, today announced a contract for the orbital deployment of Sen’s first satellite, with an option to launch a further four satellites for Sen in 2022.

“Our EarthTV constellation of nano-satellites will stream real-time videos from space to smart phones so that everyone can enjoy the unique perspectives of Earth from space,” said Charles Black, Sen ounder and CEO. “We are delighted to be working with Momentus for our launch requirements because we share a vision to democratize space for the benefit of humanity. Their launch services are flexible and very attractive for nano-satellite constellations.”

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