Space company Momentus debuted on the Nasdaq on Friday after it completed a nearly year-long and turbulent merger that resulted in the appointment of a new CEO and the departure of its founders.
“In terms of value for investors, I think we’re well positioned to meet some big market trends,” Momentus CEO John Rood, who began leading the company on Aug. 1, said in an interview. “There is a need for what we provide.”
Momentus stock dropped as much as 9% in trading from its previous close of $10.97 a share.
The company this week completed its merger with Stable Road Capital, a special purpose acquisition company, or SPAC. A SPAC raises money from investors through an initial public offering and then uses the cash to acquire a private company and take it public.
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