Orrick Advises Momentus on $1.2 Billion SPAC Merger

October.07.2020

Orrick is advising Momentus Inc., a commercial space company offering in-space transportation and infrastructure services, on its definitive agreement to become publicly traded via a SPAC merger with Stable Road Acquisition Corp. (Nasdaq: SRAC, SRACU, SRACW). Upon the closing of the transaction, the combined operating company will be named Momentus Inc. and its securities will be listed on Nasdaq and trade under the ticker symbol “MNTS.”

The combined company will have an implied pro forma enterprise value of approximately $1.2 billion. Momentus’ existing equity security holders will hold approximately 75% of the issued and outstanding shares of Class A common stock immediately following the consummation of the merger, assuming no redemptions by Stable Road’s existing public stockholders.

The boards of directors of both Momentus and Stable Road have unanimously approved the proposed transaction, which is expected to be completed in early 2021 subject to approval of Stable Road and Momentus stockholders and other closing conditions.

The Orrick team advising Momentus is led by Daniel KimHari Raman and Albert Vanderlaan, and includes Steven Malvey, Jason D. Flaherty, Jeanine P. McGuinness, Daniel Yost, Lynne T. Hirata, Scott Porter, J. T. Ho, David Benhamou, Brian M. Blood, Katherine K. Hogan, Maria E. Bergenhem, Sabrina Benyammi, Brian Bloomer, Karen S. Cannon, Andrew Barlow and Nanette Agustines.

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