Founded in 2017 by the former owner of the Technosila network, Mikhail Kokorich, and the former CEO of Sberbank, Lev Khasis, the space startup Momentus is threatened with delisting from the Nasdaq international exchange due to a drop in the share price below of $1. per share.
The company has about six months (180 days) to return its share price to a level above $1 according to the site’s rules. According to CNBC, this may require a reverse stock split.
Momentus shares closed at $0.63 on Friday. And for the first time below $1 per share, prices fell in early February.
Momentus debuted on the stock exchange in August 2021 after merging with Stable Road Acquisition (SPAC), whose securities were converted into Momentus shares.
The planned listing on the stock market in January fell through due to an investor scandal and leadership shakeups. Mikhail Kokorich later stepped down as CEO due to US national security law.
Since then, the company has struggled to expand its “space tug” construction business Vigoride et al.
While Momentus has raised more than $140 million to date on the exchange, according to Crucbase, its revenue in Q4 2022 was minimal.
Author:
Ekaterina Alipova
Source: RB
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