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Momentus Announces $5.0 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules
SAN JOSE, Calif.--(BUSINESS WIRE)-- Momentus Inc. (NASDAQ: MNTS) (“Momentus” or the “Company”), a U.S. commercial space company that offers satellite buses,
About this update from Momentus Inc.
[{"type":"text","content":" SAN JOSE, Calif.--(BUSINESS WIRE)--\nMomentus Inc. (NASDAQ: MNTS) (“Momentus” or the “Company”), a U.S. commercial space company that offers satellite buses, transportation, and other in-space infrastructure services, today announced that it has entered into a securities purchase agreement with a single institutional investor for the purchase and sale of 672,948 shares of common stock (or common stock equivalents in lieu thereof) at a purchase price of $7.43 per share pursuant to a registered direct offering priced at-the-market under Nasdaq rules, resulting in total gross proceeds of approximately $5.0 million before deducting placement agent commissions and other estimated offering expenses. The Company further agreed to issue to the investor Series A warrants to purchase up to an aggregate of 672,948 shares of common stock and Series B warrants to purchase up to an aggregate of 672,948 shares of common stock. The Series A and Series B warrants will have an exercise price of $7.18, will be exercisable immediately and will expire five years and one year, respectively. The closing of the offering is expected to occur on or about September 11, 2023, subject to the satisfaction of customary closing conditions.\n\n\nA.G.P./Alliance Global Partners is acting as the sole placement agent for the offering.\n\n\nThis offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No 333-267230) previously filed with the U.S. Securities and Exchange Commission (the “SEC”). A prospectus supplement describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov. Electronic copies of the prospectus supplement may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at [email protected].\n\n\nThe Company also has agreed that certain existing warrants to purchase up to an aggregate of 231,321 shares at an exercise price of $57.50 per share and a termination date of August 27, 2028 will be amended, effective upon the closing of the offering, so that the amended warrants will have a reduced exercise price of $7.18 per share and a termination date of September 11, 2028.\n\n\nThis press release shall not constitute a...