(SRAC), (IPOB) – Space ‘Last-Mile Delivery’ Startup Momentus To Go Public In $1.5B SPAC Deal: Report
Space company Momentus will go public after completing a $ 1.5 billion reverse merger with the SPV Stable Road Acquisition Corp. (NASDAQ: SRAC), Axios reported on Tuesday.
What happened: The space startup would also secure a $ 175 million investment from Capital Group, DE Shaw, Lerner Enterprises, Tribe Capital and Axon Capital, according to Axios.
The company’s shares in Santa Clara, California are expected to be listed on the Nasdaq Stock Market under the ticker “MNTS”.
The company, founded in 2017, shuttles satellites between rockets and their target orbits and thus offers “last-mile delivery” in space. The company’s first commercial mission is slated for December aboard a SpaceX rocket, Axios said.
Why it matters: According to Bloomberg, Momentus has raised around $ 34 million in three funding rounds to date from investors such as Y Combinator, Drake Management and Prime Movers Lab.
Stable Road raised $ 172.5 million in an initial public offering last November.
Data from SPAC Insider shows that 128 SPAC transactions have generated gross proceeds of $ 49.04 billion so far this year.
Last year Richard Branson’s space company Virgin Galactic Holdings Inc. (NYSE: SPCE) merged with investor Chamath Palihapitiya’s blank check company and raised $ 800 million.
In September it was reported that real estate startup Opendoor was having advanced talks with Palihapitiya Social Capital Hedosophia Holdings Corp. II (NYSE: IPOB) worth $ 5 billion to go public.
Electric vehicle company Faraday & Future Inc is also said to be considering the SPAC route to make its public debut.
Price action: Stable Road shares traded nearly 5.8% higher at $ 10.89 in the after-hours session on Tuesday after closing nearly 0.7% lower in the regular session.
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