Space company Momentus will go public on the Nasdaq later this week, a month after settling Securities and Exchange Commission charges that it deceived investors.
Stable Road Acquisition Corp., a special purpose acquisition company or SPAC, announced Wednesday that its merger was approved by shareholders. While only a little over half of Stable Road’s shareholders voted for the merger, 97% voted for the deal to go through.
Shares of Stable Road will convert to stock in Momentus on Friday, with the ticker symbol of the company changing from “SRAC” to “MNTS.”
Stable Road’s stock fell 2.6% in trading on Wednesday to close at $10.20 a share. Stable Road noted that public stockholders filed to redeem about 20% of the firm’s outstanding shares – an unusually high amount for a company that is going public, as redemptions are typically in the low single-digit percentages or less after a SPAC merger closes.