Momentus announces $4M direct offering priced at-the-market under Nasdaq rules

Momentus announces $4M direct offering priced at-the-market under Nasdaq rules
by Staff Writers
San Jose CA (SPX) Oct 04, 2023

Momentus Inc. (NASDAQ: MNTS) has entered into a securities purchase agreement with certain institutional investors for the purchase and sale of 2,000,000 shares of common stock (or common stock equivalents in lieu thereof) at a purchase price of $2.00 per share pursuant to a registered direct offering priced at-the-market under Nasdaq rules, resulting in total gross proceeds of approximately $4 million before deducting placement agent commissions and other estimated offering expenses.

The company further agreed to issue to the investors warrants to purchase up to an aggregate of 2,000,000 shares of common stock. The warrants will have an exercise price of $2.00, will be exercisable immediately and will expire five years from the date of issuance. The closing of the offering is expected to occur on or about October 4, 2023, subject to the satisfaction of customary closing conditions.

A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering.

This offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No 333-267230) previously filed with the U.S. Securities and Exchange Commission (the "SEC"). A prospectus supplement describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov. Electronic copies of the prospectus supplement may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at [email protected].

The Company also has agreed, subject to the receipt of Nasdaq approval, that certain existing warrants to purchase up to an aggregate of 1,577,217 shares at an exercise price of $7.18 per share and termination dates of September 11, 2028 and September 11, 2024 will be amended, effective upon the closing of the offering, so that the amended warrants will have a reduced exercise price of $2.00 per share and a termination date of October 4, 2028.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.