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Space Cargo company Momentus will go public after completing a reverse merger valued at $1.5 billion with the special purpose acquisition company Stable Road Acquisition Corp (NASDAQ:SRAC), Axios reported Tuesday.
What Happened: The space startup would also secure an investment worth $175 million from Capital Group, D.E. Shaw, Lerner Enterprises, Tribe Capital, and Axon Capital, according to Axios.
The Santa Clara, California-based company's shares are expected to list on the Nasdaq Stock Market under the ticker "MNTS."
The company, formed in 2017, shuttles satellites between rockets and their destination orbits, providing "last-mile delivery" in space. The first commercial mission for the firm is scheduled for December onboard a SpaceX rocket, noted Axios.
Why It Matters: Momentus has raised about $34 million to-date in three funding rounds from investors such as Y Combinator, Drake Management and Prime Movers Lab, according to Bloomberg.
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 this year so far.
Last year, Richard Branson’s space company Virgin Galactic Holdings Inc (NYSE:SPCE) merged with the blank check company of investor Chamath Palihapitiya and raised $800 million.
In September, it was reported that property startup Opendoor was conducting advanced discussions with Palihapitiya’s Social Capital Hedosophia Holdings Corp. II (NYSE:IPOB), valued at $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.
