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July 13, 2021

Posted  July 13, 2021

Special purpose acquisition corporation Stable Road Acquisition Company, its CEO Brian Kabot, and the SPAC’s proposed merger target Momentus Inc. will collectively pay penalties of $8 million to resolve charges that Momentus, a space transportation company, and its CEO Mikhael Kokorich, misrepresented the company’s technology and ability to secure required governmental licenses, and that Stable Road repeated those misleading statements in public filings associated with its proposed merger with Momentus.  Stable Road claimed to have conducted extensive due diligence of Momentus, but it never reviewed the results of Momentus’s in-space test or received sufficient documents relevant to government licensing issues and, in particular, national security risks associated with Kokorich. SEC

Tagged in: Financial and Investment Fraud, Misrepresentations, Securities Fraud,