![]() ![]() 22 from Venture Lending & Leasing IX, Inc., which the company had fully borrowed on March 1. The SEC filing also revealed that Momentus secured a $25 million loan agreement Feb. It warned, though, that there was no guarantee it could get a license in time for the June launch “especially in light of the ongoing review by CFIUS, in which case we may be required to remanifest our payload to a later date.” Momentus said in January it would fly the Vigoride-1 mission on a SpaceX rideshare mission later in the year, and in the filing said it was targeting a launch in June. In the filing, Momentus said the FAA “ultimately determined that it was unable to grant to SpaceX an approval of the Momentus payload for the SpaceX Transporter-1 launch in January 2021 due to national security and foreign ownership concerns regarding Momentus raised by the Department of Defense during an interagency review.” The company said it’s working with the FAA on a payload review independent of any launch license “in order to mitigate any national security concerns relating to foreign ownership and control of Momentus and to facilitate accelerated reviews of future launch vehicle licenses.” 4 that i t would not fly on that launch because of delays in getting approval from the Federal Aviation Administration. 24, maneuvering into a different orbit and deploying several cubesats. The Vigoride-1 was to be one of the payloads on a Falcon 9 Transporter-1 dedicated rideshare mission that launched Jan. The Defense Department’s concerns also led to a delay in the first launch of the company’s Vigoride transport vehicle. government has relating to foreign ownership and control of Momentus.” That would include an independent audit of the company’s technology, development of a data security plan and hiring of a security officer to oversee any agreement with the federal government. government to resolve any national security concerns that the U.S. Momentus said it informed CFIUS it is willing to “enter into a mitigation agreement with the U.S. If necessary, CFIUS could then perform an investigation that would last no more than 60 days. CFIUS formally started a 45-day review of Momentus and its ownership that is scheduled to end April 12. The company also submitted a voluntary notice to the Committee on Foreign Investment in the United States (CFIUS), which reviews certain foreign investments in American companies. Department of Defense stating Momentus posed a risk to national security as a result of the foreign ownership and control of Momentus by Mikhail Kokorich and Lev Khasis and their associated entities.” That correspondence, the company said, led to Kokorich’s resignation as chief executive and other measures, including the voting trust and plans by Kokorich and Brainytrust to divest their shares. 21 the company “became aware of correspondence from the U.S. In the new SEC filing, Momentus said that on Jan. government national security and foreign ownership concerns,” but didn’t elaborate on those concerns. At the time Momentus said his resignation was “an effort to expedite the resolution of U.S. 25, when t he company announced that he was resigning, effective immediately. In April, Stable Road submitted a request to shareholders to extend the lifetime of the SPAC by three months to allow more time to complete its merger with Momentus.Kokorich had been chief executive of Momentus until Jan. Stable Road said in February that Kokorich and his wife "will fully divest" ownership of Momentus by March 2024, "or as required by CFIUS." Also in February, Momentus took a $25 million loan for "growth capital," with an additional $15 million loan option – contingent upon the company receiving approval from the Federal Aviation Administration to launch payloads by the end of June. inter-agency Committee on Foreign Investment in the United States (CFIUS). The next month, the deal and Kokorich was under review from the U.S. law from using the company's technology – resigned as CEO and director in January, after the Pentagon declared "Momentus posed a risk to national security." In a statement at the time, Stable Road said Kokorich's resignation was part of "an effort to expedite the resolution" of the company's foreign ownership concerns. Mikhail Kokorich – the Russian founder of Momentus, who investors learned was barred by U.S. But Stable Road's merger with Momentus has been bogged down this year, largely due to national security concerns raised by multiple U.S. The firm was the first of several special purpose acquisition companies, or SPACs, which announced deals with space ventures in the past year, saying it planned to take Momentus public at a $1.2 billion valuation. Stable Road's stock fell 13.4% in trading to close at $10.42. ![]()
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