Artist's rendering of a Momentus Vigoride transfer vehicle deploying a satellite into orbit.
Moment
space company Moment warned shareholders in a filing with the securities regulator on Friday that the company is running out of money and has no financial lifeline.
Momentus, which was once valued at more than $1 billion before going public through a special purpose acquisition company. In 2021, it abandoned plans for its next mission, which was to bring satellite customers in March. The company cited its “inability to support continued operations for the anticipated launch date as a result of the company's limited liquidity and cash balance.”
Momentus already laid off about 20% of its workforce at the end of December to cut costs.
Despite the cuts, Momentus said its “ability to continue funding operations over the coming weeks and months will depend on its ability to raise equity capital or enter into a strategic transaction.”
He noted that he “has no definitive commitments at this time.”
Momentus shares fell more than 30% during trading on Friday, and its market value fell to nearly $5 million. The company received another delisting warning from the Nasdaq earlier this month, after having avoided a delisting last year by performing a reverse stock split.
Sign up here to receive weekly editions of CNBC's Investing in Space newsletter.
Momentus was among a dozen space companies that debuted during the SPAC frenzy. The company was already in a difficult situation before going public, with missions delayed after the departure of its founder and former CEO, its valuation halved to less than $600 million and an SEC settlement due to accusations of falsification of results from a spacecraft prototype test. .
The company has flown four missions to date and deployed 17 satellites for customers. It was pitched as a “last mile delivery” service for spacecraft, aimed at the small satellite market, with its core product the Vigoride orbital transfer vehicle, or “space tug,” designed to carry satellites from a rocket to orbit. specific.
Don't miss these CNBC PRO stories:
