Investors accounting for more than half the money in a funding round concurrent with in-space transportation company Momentus’s merger with a special-purpose acquisition company (SPAC) dropped out of the deal when given the opportunity by a settlement with the Securities and Exchange Commission.
The SEC has reached a settlement with in-space transportation company Momentus and the special purpose acquisition company (SPAC) it is planning to merge with regarding false claims the companies made, while continuing to pursue legal action against the Russian founder of Momentus.
Small launch vehicle company Astra will begin trading on the Nasdaq exchange July 1 after completing its merger with a special-purpose acquisition company (SPAC).
The SPAC investment trend injecting billions of dollars into early-stage space startups appears to have peaked, but in its wake could be larger capital infusions from institutional investors with deeper pockets.
Six months after including it on the team that won a NASA technology contract, Lockheed Martin has quietly dropped in-space transportation company Momentus from that project.
The SPAC boom has reshaped the space startup sector. Until recently, there was plenty of capital flowing into startups but few exits. SPACs offer, in some sense, the best of both options: an influx of capital associated with going public, but without the overhead of a traditional IPO.
The Russian founders of in-space transportation company Momentus have placed their shares into a voting trust and will sell them in the next three years as the company attempts to address U.S. government concerns about its foreign ownership.