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Momentus Announces US $10 Million Investment

Insider Brief:

  • Momentus Inc.has signed a securities purchase agreement with a certain institutional investor that will produce US $10 million in gross proceeds to Momentus.
  • Under the terms of the offering, Momentus will issue the investor an aggregate of 9,396,000 shares of common stock.
  • The offering is expected to close on or about February 27, 2023.

PRESS RELEASE — San Jose, California / February 23, 2023 / BUSINESS WIRE / — Momentus Inc. (NASDAQ: MNTS) (“Momentus” or the “Company”), a U.S. commercial space company that offers transportation and other in-space infrastructure services, has signed a securities purchase agreement with a certain institutional investor that will produce US $10 million in gross proceeds to Momentus through a registered direct offering to the investor.

Under the terms of the offering, Momentus will issue the investor an aggregate of 9,396,000 shares of common stock, pre-funded warrants to purchase 2,170,043 shares of common stock and warrants to purchase up to 11,566,043 shares of common stock. The shares of common stock and accompanying warrants are being sold at a combined purchase price of US $0.8646 per share. The pre-funded warrants and accompanying warrants are being sold at a combined purchase price of US $0.8646 per pre-funded warrant. All of the shares of common stock, pre-funded warrants, and accompanying warrants to be sold in the offering will be sold by Momentus. The pre-funded warrants will be immediately exercisable at an exercise price of US $0.00001 per share of common stock and do not expire. The accompanying warrants will become exercisable six months after closing at an exercise price of US $1.15 per share of common stock and will remain exercisable for five years thereafter.

The offering is expected to close on or about February 27, 2023, subject to customary closing conditions. Momentus intends to use the net proceeds of the offering, after deducting fees to the placement agents and other offering expenses, for general corporate purposes, including, without limitation, for the settlement of certain legacy obligations. Stifel acted as the exclusive placement agent for the registered direct offering.

The registered direct offering is being made pursuant to a shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (SEC) and became effective. The final prospectus supplement and accompanying base prospectus relating to and describing the terms of the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Contact Information:

Investors: [email protected]

Media: [email protected]

SOURCE: Business Wire

Featured image: Credit: ADS Group

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