Momentus Inc., a US commercial space company that offers transportation and other in-space infrastructure services, is pleased to announce that it has entered into an equity distribution agreement, providing for an at-the-market equity offering program.
Pursuant to the ATM Program, Momentus may, at its discretion and from time to time during the three-year term of the Distribution Agreement, offer and sell such number of Class A shares of its common stock as would result in aggregate gross proceeds to Momentus of up to $50 million. The shares will be offered through Stifel, Nicolaus & Company, Incorporated, acting as agent. Stifel may sell shares of the Company’s Class A common stock by any method permitted by law deemed to be an “at-the-market offering” as defined in Rule 415 of the Securities Act of 1933, as amended, including without limitation sales made directly through Nasdaq, on any other existing trading market for the Class A common stock or to or through a market maker. In addition, Stifel may also sell the shares of Class A common stock by any other method permitted by law, including, but not limited to, negotiated transactions. Sales may be made at market prices prevailing at the time of the sale, at prices related to prevailing market prices or at negotiated prices.
Momentus intends to use the net proceeds that it receives from the ATM Program, if any, for the continued development of the Vigoride orbital service vehicle, future enhancements to Vigoride, and general corporate purposes, including, without limitation, working capital, capital expenditures, repayment and refinancing of debt, research and development expenditures, acquisitions of additional companies or technologies and investments. The timing and extent of the use of the ATM Program will be at the discretion of the Company. Accordingly, proceeds from equity offerings under the ATM Program could be significantly less than $50 million.
The sale of the Company’s Class A common stock through the ATM Program, if any, will be made pursuant to a prospectus supplement dated September 28, 2022 to the base shelf prospectus contained in the Company’s effective registration statement on Form S-3 (File No. 333-267230) filed with the United States Securities and Exchange Commission (the “SEC”) on September 1, 2022. This shelf registration statement, which was declared effective by the SEC on September 12, 2022, allows the Company to raise capital, up to an aggregate of $200 million, by offering and selling Common Stock, Preferred Stock, Debt Securities, Warrants, or other securities. Before you invest, you should read the prospectus in the registration statement, the related prospectus supplement and the other documents Momentus has filed with the SEC for more complete information about Momentus and this offering.