University of Wyoming-backed Momentus is set to merge with SPAC Stable Road Acquisition in a deal that values the space infrastructure company at $1.2bn.

Momentus, a US-based space infrastructure company backed by University of Wyoming Foundation, is set to undertake a reverse merger with Nasdaq-listed special purpose acquisition company Stable Road Acquisition.
The business is expected to be valued at approximately $1.2bn and will trade under the ticker symbol MNTS. The transaction remains subject to customary closing conditions and is expected to conclude in early 2021.
The deal includes a $175m private investment in public equity, with common stock priced at $10, involving undisclosed private equity investors, family offices and public institutional investors. Stable Road also holds approximately $172m in trust.
Momentus’ existing shareholders will own approximately 75% of the combined company.
Founded in 2017, Momentus is working on space transportation and infrastructure technology, including the ability to move satellites to their final destination after they are dropped into orbit. Longer term the company is also working on a vehicle to carry payloads into lunar orbit.
The company has raised $34m in equity funding, including a $25.5m series A round backed by the University of Wyoming Foundation in July 2019.
Prime Movers Lab led the round, which also included Y Combinator, Quiet Capital, Mountain Nazca, ACE and Co, Liquid 2 Ventures, Drake Management, the Lerner Family and undisclosed additional investors.
Prime Movers Lab had already led an $8.3m round in late 2018 with contributions from One Way Ventures, Y Combinator, Liquid 2 Ventures and Mountain Nazca. Momentus’ shareholdoers also include Tribe Capital, it said in its reverse merger announcement.
– Feature image courtesy of Momentus
 

Thierry Heles

Thierry Heles is the former editor-at-large of Global University Venturing and Global Corporate Venturing, and was the producer and host of the Beyond the Breakthrough podcast until December 2024.