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A rendering of Momentus’ Vigoride in-space shuttle. Photo: Momentus
Momentus has cut its valuation in half as it has gone through challenges with its special purpose acquisition company (SPAC) merger. The in-space transportation company announced June 29 that it is amending its pre-transaction valuation from $1.131 billion to $567 million. The combined company’s valuation has been revised from $1.2 billion to $700 million.
The company has dealt with national security concerns related to foreign ownership since it announced the SPAC deal in October 2020, as founding CEO Mikhail Kokorich and co-founder Lev Khasis are both Russian citizens. Kokorich stepped down in January and both co-founders have now completely divested from the company. This affected flight approval for its Vigoride orbital transfer vehicle, and the
A rendering of Momentus’ Vigoride in-space shuttle. Photo: Momentus
Momentus has made a concrete step forward with a after a turbulent few months dealing with U.S. national security concerns with the business. The in-space transportation company announced Wednesday that it has signed a National Security Agreement (NSA) with the
U.S. Department of Defense and
Department of the Treasury on behalf of the
Committee on Foreign Investment in the United States (CFIUS).
The company has faced national security concerns about the foreign ownership after it announced plans to go public through a special purpose acquisition company (SPAC) merger in October of last year because of founding CEO Mikhail Kokorich and co-founder Lev Khasis, both Russian citizens. Kokorich stepped down in January.
A rendering of Momentus’ Vigoride in-space shuttle. Photo: Momentus
Momentus has received a draft National Security Agreement (NSA) from the U.S. government that is a step toward approvals the company needs to go public in the U.S.
The company has faced national security concerns about the foreign ownership and control of the company after it announced plans to go public through a special purpose acquisition company (SPAC) merger in October of last year. Momentus had voluntarily filed for review from the Committee on Foreign Investment in the United States (CFIUS), and this draft agreement announced May 14 is the result of that review.
The
U.S. Federal Aviation Administration (FAA) has denied
Momentus’ request to approve its Vigoride orbital transfer vehicle for upcoming launch due to national security concerns.
Momentus is in the midst of a special purpose acquisition company (SPAC) merger with Stable Road Acquisition in order to go public. The FAA denial was revealed in a Stable Road Acquisition 8-K filing to the
Securities and Exchange Commission, and first reported on by Space News.
“During an interagency consultation, the FAA was informed that the launch of Momentus’ payload poses national security concerns associated with Momentus’ current corporate structure,” the filing reads. “The FAA understands that Momentus is undergoing a process that may resolve the national security concerns, and that the FAA can reconsider a payload application when that process has been completed.”