Space-Cargo Company Momentus Is in Talks to Go Public Via SPAC

(Bloomberg) -- Momentus Inc., a startup with ambitions of providing “last-mile delivery” in space by transporting in-orbit satellites and cargo, agreed to go public through a merger with Stable Road Acquisition Corp.

The merger of Stable Road, a special purpose acquisition company, or SPAC, and Santa Clara, California-based Momentus will give the combined entity an enterprise value of about $1.2 billion, according to a statement Wednesday, confirming an earlier Bloomberg report.

Cash proceeds in connection with the transaction will be funded through Venice, California-based Stable Road’s $172.5 million of cash in trust and a $175 million common-stock investment from private equity firms, family offices and institutional investors, Momentus said. Stable Road, led by Chief Executive Officer Brian Kabot, raised its cash in an initial public offering last November.

Momentus has raised venture and private funding from investors include Prime Movers Lab, Y Combinator, University of Wyoming Foundation and Joe Montana’s Liquid 2 Ventures. Its shares will be listed on the Nasdaq Stock Market, trading under the ticker “MNTS.”

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