Board Accepts Resignation of Mikhail Kokorich
as CEO and Director
Momentus Inc. (“Momentus” or the “Company”), a commercial space
company offering in-space infrastructure services, today announced
its Board of Directors has appointed Dawn Harms, the Company’s
Chief Revenue Officer, as a director and interim CEO effective
immediately, following the resignation of director and founding CEO
Mikhail Kokorich.
Momentus, in consultation with the Company’s announced SPAC
partner, Stable Road Acquisition Corp. (“Stable Road”), has
determined that accepting Mr. Kokorich’s resignation is in the best
interest of the Company, in an effort to expedite the resolution of
U.S. government national security and foreign ownership concerns
surrounding the Company, the existence of which the Company
recently has confirmed.
“We believe that this leadership transition will position the
company for success and help accelerate regulatory reviews by the
U.S. government,” said Brian Kabot, Chairman and CEO of Stable
Road. “Momentus has a deep and experienced executive team, as well
as innovative technology. We have full confidence in Dawn and the
team to lead the Company to reach both near-term targets and
achieve even greater success over the longer-term.”
Momentus and Stable Road are fully committed to cooperating with
the U.S. government in connection with any regulatory reviews.
Harms is a proven leader in the global space industry who has
steered operations at all levels of Momentus since 2019.
Previously, she held executive positions at Boeing Satellite
Systems International, Space Systems Loral (now MAXAR),
International Launch Services (ILS), and others.
“I am thrilled and privileged to lead Momentus, and I am
confident that together we will continue to reach great heights as
a company,” Harms said. “We have an extremely talented team,
groundbreaking water plasma propulsion technology, and a unique
value proposition, all of which we believe have established
Momentus as a leader in the in-space infrastructure industry.”
Dr. Fred Kennedy, former director of the U.S. Department of
Defense Space Development Agency who joined Momentus in September
2020, will continue in his role as Company President.
“Dawn is highly respected in the space community, and her
relationships and expertise have already contributed a critical
part to Momentus’ success,” said Dakin Sloss, Momentus board
Chairman and General Partner of Prime Movers Lab, the Company’s
largest investor. “We have complete confidence that Dawn, Fred and
the team will continue to thrive in creating a future for the space
industry.”
The Company is grateful to Mr. Kokorich for his entrepreneurial
vision and service and thrilled for Dawn’s leadership in the next
steps of realizing that vision.
Forward Looking Statements
This press release may contain a number of “forward-looking
statements” as defined in the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include statements about
the expected timing of the completion of the proposed business
combination between Stable Road Acquisition Corp. (“Stable Road”)
and Momentus, information concerning Stable Road’s or Momentus’
projected future results of operations, revenues, business
strategies, and the expected timing of Momentus’ first mission.
These forward-looking statements are based on Stable Road’s or
Momentus’ management’s current expectations, estimates, projections
and beliefs, as well as a number of assumptions concerning future
events. When used in this press release, the words “estimates,”
“projected,” “expects,” “anticipates,” “forecasts,” “plans,”
“intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,”
“propose” and variations of these words or similar expressions (or
the negative versions of such words or expressions) are intended to
identify forward-looking statements.
These forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside Stable Road’s or Momentus’
management’s control, that could cause actual results to differ
materially from the results discussed in the forward-looking
statements. These risks, uncertainties, assumptions and other
important factors include, but are not limited to: changes in
domestic and foreign business, market, financial, political and
legal conditions; the inability of the parties to successfully or
timely consummate the proposed business combination, including the
risk that any required regulatory approvals (including licenses)
are not obtained, are delayed or are subject to unanticipated
conditions that could adversely affect the combined company or the
expected benefits of the proposed business combination or that the
approval of the stockholders of Stable Road or Momentus is not
obtained; failure to realize the anticipated benefits of the
proposed business combination; risks relating to the uncertainty of
the projected financial information with respect to Momentus,
including estimated revenues; risks related to the ability of
customers to cancel contracts for convenience; risks related to the
rollout of Momentus’ business and the timing of expected business
milestones; the effects of competition on Momentus’ future
business; level of product service or product or launch failures
that could lead customers to use competitors’ services;
developments and changes in laws and regulations, including
increased regulation of the space transportation industry; the
impact of significant investigative, regulatory or legal
proceedings; the amount of redemption requests made by Stable
Road’s public stockholders; the ability of Stable Road or the
combined company to issue equity or equity-linked securities in
connection with the proposed business combination or in the future;
and other risks and uncertainties indicated from time to time in
the definitive proxy statement/consent solicitation
statement/prospectus relating to the proposed business combination,
including those under “Risk Factors” therein, and other documents
filed or to be filed with the SEC by Stable Road. You are cautioned
not to place undue reliance upon any forward-looking statements,
which speak only as of the date made.
Forward-looking statements included in this press release speak
only as of the date of this press release. Except as required by
law, neither Stable Road nor Momentus undertakes any obligation to
update or revise its forward-looking statements to reflect events
or circumstances after the date of this release. Additional risks
and uncertainties are identified and discussed in the Stable Road’s
reports filed with the SEC and available at the SEC’s website at
http://www.sec.gov.
Additional Information and Where to Find It
In connection with the proposed transaction contemplated by the
merger agreement (the “Proposed Transaction”), Stable Road has
filed with the SEC a registration statement on Form S-4 (the
“Registration Statement”) that includes a proxy statement of Stable
Road, a consent solicitation statement of Momentus and prospectus
of Stable Road, and each party will file other documents with the
SEC regarding the Proposed Transaction. A definitive proxy
statement/consent solicitation statement/prospectus and other
relevant documents will be sent to the stockholders of Stable Road
and Momentus, seeking any required stockholder approval, and is not
intended to provide the basis for any investment decision or any
other decision in respect of such matters. STABLE ROAD’S
STOCKHOLDERS AND OTHER INTERESTED PERSONS ARE ADVISED TO READ, WHEN
AVAILABLE, THE REGISTRATION STATEMENT AND THE PROXY
STATEMENT/CONSENT SOLICITATION STATEMENT/PROSPECTUS WHICH FORMS A
PART OF THE REGISTRATION STATEMENT, AS WELL AS ANY AMENDMENTS
THERETO, AND THE EFFECTIVE REGISTRATION STATEMENT AND DEFINITIVE
PROXY STATEMENT/CONSENT SOLICITATION/PROSPECTUS IN CONNECTION WITH
STABLE ROAD’S SOLICITATION OF PROXIES FOR STABLE ROAD’S SPECIAL
MEETING OF STOCKHOLDERS TO APPROVE THE TRANSACTIONS CONTEMPLATED BY
THE MERGER AGREEMENT (THE “SPECIAL MEETING”), BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. When
available, the definitive proxy statement/consent solicitation
statement/prospectus will be mailed to Stable Road’s stockholders
as of a record date to be established for voting on the Proposed
Transaction and the other matters to be voted upon at the Special
Meeting. Stable Road’s stockholders will also be able to obtain
copies of the proxy statement/consent solicitation
statement/prospectus, and all other relevant documents filed or
that will be filed with the SEC in connection with the Proposed
Transaction, without charge, once available, at the SEC’s website
at http://www.sec.gov or by directing a request to: Stable Road
Capital LLC, James Norris, CPA, Chief Financial Officer, 1345 Abbot
Kinney Blvd., Venice, CA 90291; Tel: 310-956-4919;
james@stableroadcapital.com.
Participants in the Solicitation
Stable Road, Momentus and certain of their respective directors,
executive officers and other members of management and employees
may be deemed participants in the solicitation of proxies of Stable
Road’s stockholders in connection with the Proposed Transaction.
STABLE ROAD’S STOCKHOLDERS AND OTHER INTERESTED PERSONS MAY OBTAIN,
WITHOUT CHARGE, MORE DETAILED INFORMATION REGARDING THE DIRECTORS
AND OFFICERS OF STABLE ROAD IN ITS ANNUAL REPORT ON FORM 10-K FOR
THE FISCAL YEAR ENDED DECEMBER 31, 2019, WHICH WAS FILED WITH THE
SEC ON MARCH 26, 2020. INFORMATION REGARDING THE PERSONS WHO MAY,
UNDER SEC RULES, BE DEEMED PARTICIPANTS IN THE SOLICITATION OF
PROXIES TO STABLE ROAD’S STOCKHOLDERS IN CONNECTION WITH THE
PROPOSED TRANSACTION AND OTHER MATTERS TO BE VOTED AT THE SPECIAL
MEETING ARE SET FORTH IN THE REGISTRATION STATEMENT AND AMENDMENTS
THERETO FOR THE PROPOSED TRANSACTION. Additional information
regarding the interests of participants in the solicitation of
proxies in connection with the Proposed Transaction are included in
the Registration Statement and amendments thereto.
No Offer or Solicitation
This press release is for informational purposes only and is
neither an offer to purchase, nor a solicitation of an offer to
sell, subscribe for or buy any securities or the solicitation of
any vote in any jurisdiction pursuant to the Proposed Transaction
or otherwise, nor shall there be any sale, issuance or transfer or
securities in any jurisdiction in contravention of applicable law.
No offer of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended.
About Momentus
As a first mover in building in-space infrastructure services,
Momentus is at the forefront of the commercialization of space.
With an experienced team of aerospace, propulsion, and robotics
engineers, Momentus has developed a cost-effective and energy
efficient in-space transport system based on water plasma
propulsion technology. Momentus has in-place service agreements
with private satellite companies, government agencies, and research
organizations.
About Stable Road
Stable Road Acquisition Corp. (Nasdaq: SRAC, SRACW, SRACU) is a
special purpose acquisition company formed by SRC-NI Holdings, LLC,
an affiliate of Stable Road Capital, for the purpose of effecting a
merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination.
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