Momentus Announces Closing of $4.0 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules
18 January 2024 - 8:11AM
Business Wire
Momentus Inc. (NASDAQ: MNTS) (“Momentus” or the “Company”), a
U.S. commercial space company that offers satellite buses,
transportation, and other in-space infrastructure services, today
announced that it has closed its previously announced registered
direct offering priced at-the-market under Nasdaq rules with a
single institutional investor for the purchase and sale of
3,687,000 shares of common stock (or common stock equivalents in
lieu thereof) at a purchase price of $1.085 per share, resulting in
total gross proceeds of approximately $4.0 million before deducting
placement agent commissions and other estimated offering expenses.
The Company further agreed to issue to the investor warrants to
purchase up to an aggregate of 3,687,000 shares of common stock.
The warrants have an exercise price of $0.96 per share, are
exercisable immediately and expire after five years.
A.G.P./Alliance Global Partners acted as the sole placement
agent for the offering.
This offering is being made pursuant to an effective shelf
registration statement on Form S-3 (File No 333-267230) previously
filed with the U.S. Securities and Exchange Commission (the “SEC”).
A final prospectus supplement describing the terms of the proposed
offering has been filed with the SEC and is available on the SEC's
website located at http://www.sec.gov. Electronic copies of the
prospectus supplement may be obtained, when available, from
A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor,
New York, NY 10022, or by telephone at (212) 624-2060, or by email
at prospectus@allianceg.com.
The Company also has agreed that certain existing warrants to
purchase up to an aggregate of 5,808,538 shares at an exercise
price of $3.862 per share have been amended so that the amended
warrants will have a reduced exercise price of $0.96 per share. The
warrant amendment is subject to stockholder approval, and the
warrants shall expire five years from the date stockholder approval
is obtained. If stockholder approval is not obtained by the date
that is six months following the initial date of issuance of these
warrants, then the exercise price of the warrants will
automatically be reduced to the Minimum Price (as defined in Nasdaq
Listing Rule 5635(d)) of the common stock on the date that is six
months following the initial date of issuance of the warrants and
the warrants will expire five years following the date that is six
months following the initial date of issuance of the warrants.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Momentus
Momentus is a U.S. commercial space company that offers
commercial satellite buses and in-space infrastructure services
including in-space transportation, hosted payloads, and other
in-orbit services.
Forward-Looking Statements
This press release contains certain statements which may
constitute “forward-looking statements” for purposes of the federal
securities laws. Forward-looking statements include, but are not
limited to, statements regarding the expected closing of the
offering and fulfillment of customary closing conditions, Momentus
or its management team’s expectations, hopes, beliefs, intentions
or strategies regarding the future, projections, forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions, and are not guarantees of future
performance. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of Momentus’ control. Many factors could cause
actual future events to differ materially from the forward-looking
statements in this press release, including but not limited to
risks and uncertainties included under the heading “Risk Factors”
in the Annual Report on Form 10-K filed by the Company on March 8,
2023, as such factors may be updated from time to time in our other
filings with the Securities and Exchange Commission (the “SEC”),
accessible on the SEC’s website at www.sec.gov and the Investor
Relations section of our website at investors.momentus.space.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and, except as required by law, the Company assumes no
obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240117538512/en/
Investors: investors@momentus.space
Media: press@momentus.space
Momentus (NASDAQ:MNTS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Momentus (NASDAQ:MNTS)
Historical Stock Chart
From Sep 2023 to Sep 2024