Space transportation company Momentus is in final talks to go public through an acquisition by Stable Road Capital, a person familiar with the discussions told CNBC.
Momentus offers a "last mile delivery" service for spacecraft, with a transfer vehicle that helps deliver satellites from a rocket to a specific orbit.Momentus The company would go public through the special purpose acquisition company, or SPAC, through which Stable Road raised $172.5 million in November 2019. The deal values Momentus at near $1 billion, the person added.that offers a "last mile delivery" service for spacecraft.
To date Momentus has raised almost $50 million from investors including Prime Movers Lab and Y Combinator. The company has more than 60 employees, growing quickly since its founding in 2017. The market for Momentus' transfer vehicles comes into play due to the increasing popularity of small satellites, which still need a way to get from the orbit the rocket drops them off in to the spacecraft's destination orbit.
Symbol is actually $SRAC
SPACS in SPACE
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Source: CNBC - 🏆 12. / 72 Read more »