The United States Securities and Exchange Commission in Washington, DC
Adam Jeffery | CNBC
The U.S. securities regulator said Tuesday it indicted blank check company Stable Road Acquisition, its sponsor SRC-NI, space exploration company Momentus and two executives with misleading allegations about their proposed merger.
The U.S. Securities and Exchange Commission said the companies and Stable Road Acquisition Company chief executive Brian Kabot agreed to pay $ 8 million to resolve allegations they misled investors about the Momentus’ technology and the national security risks associated with its former CEO Mikhail Kokorich.
The entities, which did not immediately respond to requests for comment, have settled with the SEC without admitting or denying the allegations. Kokorich, who could not be reached immediately for comment, is fighting the SEC charges in court.
According to the SEC, Kokorich and Momentus, a start-up space transportation company, have repeatedly told investors that it has “successfully tested” its propulsion technology in space, when its only test in l The space had failed to meet its primary goals or demonstrate the technology’s commercial viability.
The regulator also alleged that Momentus and Kokorich misrepresented the extent to which national security concerns involving Kokorich undermined Momentus’ ability to obtain the required government licenses essential to its operations.
The two companies said last year they plan to merge in a $ 1.2 billion deal, which they revised to $ 700 million last month.
The execution case marks the latest escalation in the SEC’s crackdown on the Wall Street Special Purpose Acquisition Company, or SPAC, frenzy, which has reached a record number of deals this year.
SAVS are listed shell companies used to bring private companies to the stock exchange, thus avoiding the more traditional and time-consuming initial public offering process. Critics of PSPC say the structures of the agreements create conflicts of interest and often lack sufficient checks and balances to protect investors.
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