Momentus Inc. Enters Material Definitive Agreement
Ticker: MNTSW · Form: 8-K · Filed: Jul 18, 2024 · CIK: 1781162
Sentiment: neutral
Topics: material-agreement, financial-obligation
TL;DR
Momentus just signed a big deal, watch their financials.
AI Summary
On July 12, 2024, Momentus Inc. entered into a Material Definitive Agreement related to a direct financial obligation. The company, previously known as Stable Road Acquisition Corp., is involved in the manufacturing of guided missiles and space vehicles.
Why It Matters
This filing indicates a significant new financial commitment or obligation for Momentus Inc., which could impact its future financial health and operational capacity.
Risk Assessment
Risk Level: medium — Entering into material definitive agreements can introduce new financial obligations or risks that may affect the company's stability.
Key Players & Entities
- Momentus Inc. (company) — Registrant
- Stable Road Acquisition Corp. (company) — Former company name
- July 12, 2024 (date) — Date of earliest event reported
FAQ
What type of Material Definitive Agreement did Momentus Inc. enter into?
The filing states that Momentus Inc. entered into a Material Definitive Agreement that constitutes the creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
What was Momentus Inc.'s former name?
Momentus Inc.'s former name was Stable Road Acquisition Corp., with a date of name change on June 28, 2019.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on July 12, 2024.
What is Momentus Inc.'s principal executive office address?
Momentus Inc.'s principal executive office is located at 3901 N. First Street, San Jose, California, 95134.
What is Momentus Inc.'s Standard Industrial Classification code?
Momentus Inc.'s Standard Industrial Classification code is 3760, related to Guided Missiles & Space Vehicles & Parts.
Filing Stats: 914 words · 4 min read · ~3 pages · Grade level 13.3 · Accepted 2024-07-18 17:12:33
Key Financial Figures
- $2.3 million — uant to which Momentus may borrow up to $2.3 million prior to September 1, 2024, consisting
- $500,000 — initial loan in the principal amount of $500,000 which may be borrowed on or after July
- $1.8 million — or more subsequent loans totaling up to $1.8 million in aggregate principal amount which may
- $0.53 — s Common Stock at a conversion price of $0.53 per share (the "Conversion Price"). On
Filing Documents
- ef20032691_8k.htm (8-K) — 33KB
- 0001140361-24-033514.txt ( ) — 207KB
- mnts-20240712.xsd (EX-101.SCH) — 4KB
- mnts-20240712_def.xml (EX-101.DEF) — 17KB
- mnts-20240712_lab.xml (EX-101.LAB) — 26KB
- mnts-20240712_pre.xml (EX-101.PRE) — 20KB
- ef20032691_8k_htm.xml (XML) — 6KB
01
Item 1.01 Entry into a Material Definitive Agreement On July 12, 2024, Momentus Inc. ("Momentus" or the "Company") and Space Infrastructure Ventures, LLC ("SIV") a firm that invests in disruptive high-tech/space-tech ventures, entered into a secured convertible promissory note (the "Convertible Note") pursuant to which Momentus may borrow up to $2.3 million prior to September 1, 2024, consisting of (i) an initial loan in the principal amount of $500,000 which may be borrowed on or after July 17, 2024, and (ii) one or more subsequent loans totaling up to $1.8 million in aggregate principal amount which may be borrowed on or after August 7, 2024, with the $1.8 million subject to certain conditions including the availability of financing to SIV. Borrowings under the Convertible Note bear interest at 15% per annum. Principal on the Convertible Note is to be re-paid in four equal payments on a quarterly basis, commencing on December 1, 2024, and the Convertible Note has a maturity date of September 1, 2025, at which time all accrued interest is due. Amounts borrowed under the Convertible Note are secured by a lien on substantially all of the assets of the Company. In lieu of cash payments of accrued interest, SIV, in its sole discretion, may elect to receive shares of Momentus Common Stock at a conversion price of $0.53 per share (the "Conversion Price"). On the maturity date, subject to the satisfaction of applicable legal and regulatory conditions, all outstanding obligations under the Convertible Note automatically convert into Common Stock at the Conversion Price. The proceeds of the Convertible Note are to be used solely for the following purposes: (a) to fund day-to-day working capital needs in the order course of business, consistent with the Momentus practices prior to the execution of the Convertible Note, (b) for general purposes in the ordinary course of business, consistent with Momentus practices prior to the execution of the Convertible Note, and (c)
03
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant The disclosure contained in Item 1.01 of this Current Report is incorporated by reference in this Item 2.03.
01
Item 8.01 Other Events On July 5, 2024, Momentus received notice from the Nasdaq Stock Market LLC ("Nasdaq") stating that following the Company's annual meeting of shareholders held on June 28, 2024, the Company is in now compliance with the requirement to hold an annual meeting under Nasdaq Listing Rule 5620(a) (the "Annual Meeting Requirement"). As previously disclosed in a Current Report on Form 8-K filed on January 9, 2024, the Company had received a deficiency letter from Nasdaq regarding the Annual Meeting Requirement, which is now resolved. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. By: /s/ Paul Ney Name: Paul Ney Dated: July 18, 2024 Title: Chief Legal Officer and Corporate Secretary