Stable Road (SRAC) and Momentus Merger Issues $8.5M Settlement

Stable Road (SRAC) has agreed to settle $8.5M with investors to resolve claims over merger with Momentus.

Case Details:

Stable Road was accused of misleding about Momentus's technology test failure, national security concerns, and false revenue projections.

On January 25, 2021, Momentus announced CEO Kokorich's resignation due to U.S. government concerns.

This caused a 19% drop in $SRAC on January 27, 2021. After that, Kokorich faced ongoing charges, leading to an additional 10% $SRAC decline.

Stable Road has now decided to end all the allegations and pay a $8.5M settlement for the $SRAC investors.

Who is eligible to get a payout?

All persons and entities that, between October 7, 2020 and July 13, 2021, inclusive, purchased or otherwise acquired: (a) publicly traded SRAC units; (b) publicly traded SRAC Class A common stock; and/or (c) publicly traded SRAC warrants, and were damaged thereby.

Do you need to sell your securities to be eligible?

No, if you have purchased them within the class period, you are eligible to participate.

How long does the payout process take?

The entire process usually takes 4 to 9 months after the claim deadline. But the exact timing depends on the court and settlement administration.